Weekly Chart Review [Resend]
20 Years
Let me apologize if you received the following post for a second time. There was apparently an issue with the initial send where only a few subscribers received it.
What follows is the original post:
I am traveling this week to celebrate 20 years of marriage with my lovely wife! I honestly can’t believe it has been 20 years but marrying her is still the best decision I’ve ever made!
In light of the above comment, this week’s post will be extremely limited.
As we traveled to our destination, I spent some time catching up on my reading and I continue to be amazed by the enormous amount of high-quality content available via Substack and other forums.
In the spirit of desiring to promote others’ work, I can’t recommend enough, the following Substacks and their related materials.
Tons of great material here each week and they were kind enough to highlight yours truly in their most recent piece.
Adam Taggart's Thoughtful Money
If you aren’t following Adam’s work on Substack and/or YouTube you are doing yourself a disservice. I have found his YouTube channel and related videos to be incredibly valuable and I can’t recommend enough what he is doing at Thoughtful Money.
Danielle DiMartino Booth seemingly has the best understanding of the current marketplace and I find her work invaluable.
Matt Tuttle is a visionary in the ETF world and I value his daily comments on markets and the economic landscape.
This is just a small sample of the Substack’s I read each week but a great example of the depth and breadth of high-quality publications that are available.
NVDA
For those who read my piece from last week (go here), I suggested that NVDA is likely the most important stock in the world right now given the implications it has for the rest of the market should it continue to rally or begin to sell off.
“The hard part is trying to figure out when the turn happens. This is especially important in the case of NVDA (just as it was for CSCO) because it will likely take the market lower (much lower) with it.”
NVDA had its first down week last week since April. My guess is that it’s just a minor consolidation but worth watching nonetheless.
Here are key levels to keep in mind on the daily (125.82), weekly (112.44), and monthly (97.22) charts (working left to right).
Daily charts are volatile so I wouldn’t get overly alarmed if NVDA were to fall below 125.82 but the severity of decline increases if the weekly and monthly levels are broken.
For now, NVDA still qualifies as “Max Bullish” in our trend composite scoring methodology.
I hope everyone has a great week!
Take care,
Jim Colquitt