Semi Step Child:
The red-headed stepchild in the semiconductor space to NVDA is AMD. Many may not think that is fair, but NVDA is trading just 2% off its most recent 52-week highs while AMD is 30% off its own annual peak. Notice here how the overlapping PRICE chart shows the divergence between the two greater than it has been in the last 6 months as the last 2 weeks their paths have bifurcated. It is not a reason to not warm up to AMD however, another mega-cap with earnings Tuesday after the CLOSE. Below is the daily chart and I admire the doji candle at the very round 150 number after its third double-digit drawdown since this summer. Notice after each drawdown it has made progress and it has made higher lows since the 35% July swoon. On the WEEKLY chart if the lows from that doji session hold up a double bottom base with a pivot of 187.38 is setting up. It is easy to spot the near-term tops on the WEEKLY chart too with the completion of the bearish evening star and engulfing patterns in March and July.