Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Stocks

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

by July 11, 2024
July 11, 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, but assuming that a correction has begun, we see first support at about 118.00 — 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 said, 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 new found 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
White House ‘cheap fake’ narrative crumbles after Clooney exposes Biden’s condition at Hollywood fundraiser
next post
Heathrow forced into bigger cut of passenger landing fees

You may also like

What Sector Rotation Says About the Market Cycle...

May 15, 2025

MarketGauge’s Market Beat Rarely Misses a Beat!

August 23, 2023

Stock Market Shifts Gears: Indexes Plunge After Climb

March 19, 2025

3 Breakouts Ready for Massive Climbs!

November 16, 2024

Stock Market Ends Week on Positive Note; Market...

October 6, 2023

The Ord Oracle October 30, 2023

October 31, 2023

GNG TV: S&P 500 Breakout — Will the...

December 15, 2023

Holiday Shopping Bonanza: Retail Stocks You Need to...

November 2, 2023

Using Two Timeframes to Increase the Odds –...

January 13, 2024

MEM TV: Base Breakouts and New Highs!

July 29, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

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

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, 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 futureretirementsuccess.com | All Rights Reserved