Nvidia stock is currently trading down $9.02 or -7.56% at $110.37. This is right at its 100-day moving average of $110.36. The low of $109.40 is below this moving average. Bearish
The current decline is on track for its worst trading day since April 19, 2024, when the price fell -10%. The price has declined on three of the last four trading days. Last week’s high was $131.26 on August 26 (just before earnings). That’s a 16% decline from that high.
As Nvidia advances, the NASDAQ and other Magnificent 7 stocks advance:
- Meta–1.39%
- Apple -2.26%
- Amazon -1.47%
- Alphabet -2.82%
- Microsoft -1.37%
- Tesla defies the trend again by 0.60%
Looking at Microsoft’s daily chart, it has been trading between the 100-day moving average (blue line on the chart below) at $425.07 and the 200-day moving average at $410.88 (green line on the chart below). A drop below the 200-day moving average and the 38.2% retracement at $407.87 would be more bearish technically.
In other chip stocks
- Micron -6.10%
- Intel -6.65%
- Broadcom -5.25%
- AMD -5.84%