NVDA - The Chart is Bearish, but be careful with a short squeeze

SmartReversals
02-03 10:17

1. $NVIDIA(NVDA)$ - The Chart is Bearish, but be careful with a short squeeze, since a technical bounce may come considering the usual bounces from the Bollinger band.

Stochastic is oversold, not as much as in previous selloffs, but oversold.

$Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ $VanEck Semiconductor ETF(SMH)$

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2. $VanEck Semiconductor ETF(SMH)$ - Rejection at the 20DMA: Some of the previous events have lead the Semiconductors ETF to a retest of the previous low. I expect the same situation before a sustainable bounce. There is a lot of technical damage, a gap fill may take a lot of time.

$NVIDIA(NVDA)$ $Advanced Micro Devices(AMD)$ $Micron Technology(MU)$ $SPDR S&P 500 ETF Trust(SPY)$

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3. $Invesco QQQ(QQQ)$ - Are monthly Shooting Star candles signaling a downturn? The 161% Fibonacci extension and overbought RSI suggest it's possible. Full monthly chart analysis coming Monday in the email edition.

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