NVDA Falls Hard – What’s Next?

Market Action

QQQ – Tried to push higher then reversed down closing right near the 21ema. At a key turning point here in the handle. To the downside we have that gap

Expectation based on close: follow through down

Bulls want to see a gap up and go or gap down and strong oops reversal

Bears want to see follow through down

IWM – Close off highs and near the open bit of hesitation

Trends (1/4 Up)

Shortest – 10 Day EMA – Up – Below declining
Short-term – 21 ema – Up – Above Flat
Intermediate term – 50 sma – Below declining
Longterm – 200 sma – Up – Above Rising

Groups/Sectors – % Change from Open

Performance Charts from Deepvue

Heatmap from Deepvue

Key Stocks in Deepvue

NVDA tried to oops reversal but then failed and closed near lows. Now below all 3 shorter term MAs.

CAVA another gap down and close at lows. testing the gap up low and 10ema, needs to build out

AFRM gap up and good close on highest volume since decemeber. Strong EPS surprise

NTNX gap up on earnings.

ALAB strong push from lows

RDDT starting to move up the right side

FOUR push above the prior 2 highs

KVYO fade from highs but refused to follow through down for now

PLTR broke the DTL but not a great close

META fade from highs

PRCT negative day but still in this flag

EAT up the right side

ASPN upside reversal below the DTL

Market Thoughts

NVDA action is a negative for the market but most names I’m watching acted decently. Closes off highs so watching to see if there is follow through down or if we can hold here.

Day by Day – Managing risk along the way