Already a subscriber?After having leapt higher in early trading in New York on Friday , Nvidia’s stock just as swiftly reversed direction to end the day 10.1 per cent from its session peak, yet still higher than its close on Tuesday.
“For us, looking at the charts on the S&P 500, the Nasdaq 100, the SMH semiconductor ETF, and individual stocks like Nvidia, we can see a very overbought condition in general,” Matt Maley, chief market strategist at Miller Tabak + Co, said ahead of the opening bell. Nvidia’s parabolic stock surge is continually being checked by bulls’ reading of the company’s quarterly results.
“Nvidia looks every day more like the new bellwether of general retail sentiment. The “‘scary’ part is that despite the recent hype around anything AI and semiconductors, current retail flows into Nvidia shares have merely matched the lowest point seen in Tesla stocks during 2023.”