All good things must come to an end, or so the saying goes. For NVDA, it’s clear that the stock’s rally since the end of 2023 was following a very steep and narrow acceleration channel. These sorts of patterns feed upon themselves. As long as no one upsets the apple cart, there are outsized profits to be had. But, when things break, they tend to break in a big way.
Futures are slipping ahead of the opening, with numerous downside targets coming into view. Of course, the downside case would be damaged considerably if NVDA were to come out with stellar earnings and outlook that boosted ES back into the rising yellow channel. FOMC minutes are also due out.
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