TML Report – November 18, 2025 – Waiting on NVDA Earnings Tomorrow

Market Overview

As of the last report, the major indexes were holding up incredibly well relative to the market’s leadership, but that all changed this week. Many of the market’s traditional, high-growth leaders continued to weaken and break down further this week, and the major indexes have begun to follow.

The NASDAQ and S&P 500 are trading below their key 50-day SMAs as the market waits on NVDA’s earnings tomorrow after the close. NVDA accounts for a large share of the NASDAQ Composite Index, so the reaction to its earnings tomorrow will have a significant impact on the index’s direction.

Specific tech names are holding up much better than others, such as GOOGL, SNDK, and CIEN, while most others have sold off to varying degrees over the last couple of weeks. The only real strength I see is in the biotech/pharma and medical equipment names.

As we discussed last Friday, I still see hints of strength in software stocks, such as DDOG, FROG, and APPN, which appear to be under accumulation.

At the end of the day, the market is waiting on NVDA’s earnings tomorrow before making any significant commitments.

Indexes

QQQ

The NASDAQ Composite closed below its 50-day SMA for the second day in a row today, which portends weakness going into NVDA's EPS report after the close tomorrow.

SPY

Just like the NASDAQ, the S&P 500 closed below its 50-day SMA for the second day in a row today, as it continued to make lower lows.

IWM

The small-cap Russell 2000 is still the weakest of the four major indexes.

DIA

The DOW has sold off with the other major indexes and finished below its 50-day SMA for the second consecutive session just like the NASDAQ and S&P 500.

Focus List

SNDK

SNDK closed below its 10-day SMA for the first time since mid-October, but is still holding up in its overall price channell.

GOOGL

GOOGL has held up constructively in a tight range above its 21-day SMA over the last couple weeks while the general market has been under significant pressure.

INDV

Recent biotech IPO, INDV broke out to new all-time highs last month, and looks like its ready to continue to new highs from where its currently trading.

IONS

IONS has been moving sideways over the last several weeks and looks ready to break out from where it is currently trading.

GMED

Medical equipment maker GMED has held up and formed a constructive bull flag pattern over the last few weeks.

AS

Amer Sports, recent IPO and specialty retailer of sporting goods equipment looks like it is moving from a Stan Weinstein Stage 1 base into an early Stage 2A base.