The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Stocks

NVDA & Mag 7 Breaking Down; Russell 2000 (IWM) and Retail (IYT) Get “Silver Cross” BUY Signals

by admin July 13, 2024
July 13, 2024
NVDA & Mag 7 Breaking Down; Russell 2000 (IWM) and Retail (IYT) Get “Silver Cross” BUY Signals

This is a complimentary excerpt from the subscriber-only DecisionPoint Alert.

NVIDIA (NVDA) broke down today in what looks like an echo of last month’s pullback. There is a short-term double top with price resting on the confirmation line. This could just be a one day event; however, if we assume that a correction has begun, we see first support at about 118.00, which marks a -17% decline. The next most obvious support is at about 97.00, a decline of about -32%.

The primary problem with NVDA is the steep parabolic advance from the 2022 low. Such advances beg for correction, and we can see three previous corrections on this chart.

As the title noted, all the Magnificent 7 appear to entering corrections.


Today, the Russell 2000 ETF (IWM) 20-day EMA crossed up through the 50-day EMA (Silver Cross), generating an IT Trend Model BUY Signal. Like so many other indexes, IWM is in a narrow trading range that generates whipsaw signal changes, but the strength of today’s move implies a probable upside breakout from that range.

The weekly chart shows a PMO rising above the zero line, but we now see a lot of congestion in 2021 that will provide resistance to further advance. That is not to say further advance is not possible, but that it will possibly be more difficult.

Also today, the Retail ETF (XRT) 20-day EMA crossed up through the 50-day EMA (Silver Cross), generating an IT Trend Model BUY Signal. Again we have the narrow trading range and potential for whipsaw. In fact, XRT switched to NEUTRAL two days ago. Nevertheless, this seems to be an authentic change of direction, considering that it is a high-volume reversal on a day when part of the market was falling apart.

The weekly chart doesn’t reflect much confirmation regarding this one-day change of direction, but the weekly PMO is flat above the zero line, which is encouraging.

Conclusion: Mega-cap stocks began to break down today, but other areas of the market have newfound strength. It is only one day of this ‘bifurcation’ between smaller-caps and mega-caps, but a broadening of the rally could preserve the integrity of this bull market.


Learn more about DecisionPoint.com:


Watch the latest episode of the DecisionPointTrading Room on DP’s YouTube channel here!


Try us out for two weeks with a trial subscription!

Use coupon code: DPTRIAL2 at checkout!


Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin


(c) Copyright 2024 DecisionPoint.com


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.


Helpful DecisionPoint Links:

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules


0
FacebookTwitterGoogle +Pinterest
previous post
Stock Market Makes Spectacular Run, and It’s Not From the Popular Magnificent Seven
next post
Delta says the Olympics will cost it $100 million as travelers skip Paris

Related Posts

September: Exit Light, Enter Night

September 9, 2024

UTILITIES TRYING TO “POWER” UP EQUITY MARKETS

June 4, 2024

Five Key Market Ratios Every Investor Should Follow

January 22, 2025

Investing in the Age of Tariffs: Safeguard Your...

January 29, 2025

Market Breadth is Narrowing – Should You Be...

July 3, 2024

What the S&P 500, VIX, and ARKK are...

June 15, 2025

Larry Williams on the Fed, Interest Rates &...

May 28, 2025

Here’s How To Find The Best Upcoming Earnings...

January 20, 2025

Unlocking Stock Market Insights: Identify Global Opportunities with...

June 11, 2025

The Master Sentiment Chart You Need to Follow

October 17, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 10, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 10, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 10, 2025
    • Sydney Sweeney jeans controversy making advertising great again

      August 10, 2025
    • Nagasaki mayor issues chilling warning on 80th anniversary of atomic bombing

      August 10, 2025
    • Kash Patel celebrates major FBI achievements and record seizures during Trump’s first 200 days in office

      August 10, 2025

    Categories

    • Business (1,330)
    • Politics (4,206)
    • Stocks (1,577)
    • Uncategorized (45)
    • World News (1,323)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved