Chart of the Day: Nvidia Is Pulling Back Ahead of Blockbuster Earnings Report
The AI giant is feeling the brunt of the market as all eyes are trained on its upcoming financial report.
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If you're a close market watcher then you are waiting anxiously for the earnings report from Nvidia NVDA after Wednesday's close.
It seems that in recent years, the importance of this report has been magnified greatly as many other companies will have a knock-on effect. Much like in the days when IBM IBM or Microsoft MSFT had enormous influence and helped carry market sentiment, Nvidia is joined by Apple APPL today as the two most significant companies to help drive technology business and new generational wealth.
That is quite a responsibility to all investors on the planet!
The chart of NVDA has seen better days. In fact, we see it more tilted bearish than bullish.
That can change on a dime, of course, but for now the weight of the market is down and the stock reflects the bearish sentiment. Candles are pink and have been for most of the month, which reflects mild bearishness on the GoNoGo composite of indicators. MACD is about to roll over for a sell signal, stochastics are already rolling over and are bearish, but the bulls can delight over the Chaikin Money Flow, which remains strong. Funds are still buying Nvidia as the stock pulls back towards support.
The stock is likely to move big time over the coming days, so be ready for an opportunity if it falls. We like Nvidia in TheStreet Pro Portfolio and rate is a one, or buy at anytime.
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At the time of publication, TheStreet Pro Portfolio was long NVDA, MSFT and AAPL.
