NVDA Has Arrived at Mike's Technical Inflection Point
On September 28, 2023, with NVDA trading at 429.31, I told MPTrader members that my work is warning me about a complex technical setup that argues for a prolonged corrective scenario prior to a resumption of dominant uptrend strength. I posted the following:
My near-term pattern and momentum work argue that since its 9/21/23 corrective low at 409.80 off of its spike to All-Time New Highs at 520 in reaction to earnings on 8/24/23, NVDA is in the grasp of a recovery rally effort that when exhausted, will roll over into another downleg within a larger, still incomplete correction off of the 520 high. For the time being, I am expecting NVDA to claw its way to 436-444 resistance, which is the first zone from where a downside reversal could emerge. If 444 is hurdled and sustained, however, then the counter-trend rally effort will point still higher, into the 460 to 480 target zone prior to my pattern expectation for a powerful downside reversal... Last is 429.31...
Fast-forward across multiple subsequent NVDA updates and discussions in the MPTrader chat room, we see on my attached 4-hour Candle Chart, that NVDA proceeded to follow my preferred recovery rally price path from his 9/28 update price of 429.31 to a 10/12 rally peak at 476.09-- near the top of my peak pivot zone of 460 to 480, from where NVDA turned down into a relentless decline that as we speak, is testing key June-September low-zone support from 396 to 410.
NVDA now finds itself at a consequential technical inflection plateau the resolution of which will determine the direction of the next 25% price move. What forthcoming clues will NVDA provide for me and our members that its directional bias is tilting in one direction or the other in the hours and days directly ahead?
Join me and MPTrader members ASAP-- especially during an earnings season overlaid by heightened and fluid geopolitical risks-- for our pertinent intraday discussions and chart analyses of NVDA, as well as for many other individual stocks, sector ETFs, macro indices, interest rates, commodities, and Bitcoin...
More Top Calls From Mike
Eight weeks ago, Mike Paulenoff discussed the budding technical setup and upside breakout in CRWD (CrowdStrike Holdings) with our MPTraders members, writing:"CRWD has followed the bullish scenario we discussed in late August, and in fact, today (10/06/23) has thrust above 5 months of resistance to new recovery high territory at 176.32. Although my next optimal upside target zone is 190-200, the BIG picture setup points to 230-240 thereafter... Last is 174.86...
On Monday morning, November 13, 2023, a full 5 trading sessions before the approaching November Options Expiration (OPEX) (11/17/23), I posted my chart-based commentary for our members:SPY-- Considering that Friday is November Option Expiration, where are the "magnetized strike prices" as we start OPEX week? Based on my attached Hourly Chart, the magnetized strike price zone spans from 436 to 441. Should SPY take out the upside barrier of 441, then the follow-through outlier magnetized target could be as high as 450 before or on Friday.
On October 23, 2023, ten days before the November 1st FOMC meeting and policy statement, I posted the following commentary about the downward-spiraling TLT (20+ year T-bond ETF):My attached 4-hour Chart of TLT shows that the relentless and near-vertical downtrend that commenced at the beginning of August from around 100 hit a new long-term low at 81.92 this AM, positioning it in my intermediate-term optimal downside target zone from 80 to 82.
On the afternoon of September 25, Mike Paulenoff posted a warning signal to MPTraders members about the developing acute oversold condition in RTX (formerly Raytheon Technologies), writing:"RTX (formerly Raytheon Technologies) hit a new multi-month corrective low of 71.02, down 33% from the 4/10/23 post-pandemic High at 106.02. Although RTX has violated my optimal target window of 73-75, the stair-step corrective pattern off of the 4/19/23 high at 104.
On October 3, Mike Paulenoff posted the following "Heads Up!" about GLD (SPDR Gold Trust, ETF) for MPTrader members: "GLD has pressed to an important technical inflection window from 169.50 down to 166.30, from where I will be expecting corrective downside exhaustion off of the 5/04/23 high at 191.36, and new buying interest. From a nearer-term perspective, given the acute oversold but CONFIRMED Momentum reading of 17.16 an hour ago, my preferred scenario argues for another loop down that marginally violates today's low at 168.