- The first quarter of fiscal year 2024 has been a bullish one, with “Mag 7” powerhouse Nvidia (NVDA) leading the charge. Fundstrat Global Advisors Managing Director and Global Head of Technical Strategy Mark Newton joins Market Domination Overtime to break down the technical trends behind Nvidia.
In terms of Nvidia’s recent performance Neton states: “We’ve seen a little bit of a slowdown in Nvidia, just in the last couple weeks…I don’t think that’s really all that significant, technically.
- We have had, even at current levels, which is at, what, 903? The stock is up 400 points which is over 80% from where it started just three months ago. It’s been a rocket ship. It’s been parabolic.
It’s given us nearly 35% of the gains in the NASDAQ (^IXIC) and about 25% of the S&P (^GSPC)… I view this as just being a temporary period of consolidation. I still think tech is going to push higher.”
- For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
Editor’s note: This article was written by Nicholas Jacobino
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