Market Overview Analysis by Michael Kramer covering: Nasdaq 100, S&P 500, Microsoft Corporation, Alphabet Inc Class A. Read Michael Kramer's latest article on Investing.com
This will be one of those weeks with significant risks quietly lurching in the background. Again, the biggest of those risks are the Treasury auctions, which haven’t been going particularly well. This week will feature
The stock appears to be symbolic of the setup in the broader seven because the shares have fallen to the neckline of a double top, sit on support around the $212 to $214 zone, and have already broken the 200-day moving. If the stock gaps lower on Monday and support breaks, shares could start heading lower to around the $180 area.
Nvidia had a first-mover advantage, but eventually, that will fade, and the market has probably already realized it. I think that probably means the gap at $300 will eventually be filled over the next several months.Overall, the S&P 500 continues to show signs of weakening, closing this week below the 200-day moving average and closing below the uptrend off the October 2022 low. The index is now just 1% away from falling below the bull market boundary around 4,190.
The drop last week tells us that we would need to see sideways consolidation if the current patterns persist before we see a rally attempt. Additionally, each leg has been lower than the last, so it seems possible that this leg lower has some further to go first, perhaps to around 14,300.Risk sentiment is improved this week compared to Friday as tensions in the Middle East didn’t escalate as much as feared during the weekend. Hamas released two hostages and...
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