To be plain, I didn’t like Friday’s price action AT ALL! NVDA is starting to look like GOOG did before their earnings debacle. By that I mean breaking significant support on both daily and weekly time frames. As well, I shared with subscribers a particular market segment that is almost a carbon copy of this sector’s price action leading to the 1987 crash. Yes it’s alarming! From my perspective we are entering a window of high risk for a sharp market correction. 

I attach GOOG and NVDA charts. Often time stocks in similar patterns, one will lead. It is often giving us a foreshadow of what is about to happen in the chart that is lagging. NVDA earnings are mid November.

This is what I am looking for.

Unless NVDA can reclaim that broken support, which I think would take a peace settlement in the Middle East, it’s in some trouble. If it retraces back above that support this week, the market gets a reprieve. It’s a tall order that needs to be accomplished quickly.  

Thanks,

Joe

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