Everything considered, the market is holding up better than I thought it would. Nvidia is now down 15% from its all time high of 140.76 as it falls 5.5% today to 119.66.
That high was only two trading days ago on Thursday so it’s been a sharp turnaround that started with a textbook bearish engulfing candle.
Meanwhile, the Nasdaq is down just 2% from the all-time high hit on Thursday. Given the decline in NVDA and how much it’s carried the market, I would have guessed something closer to 5%.
The question is: Will that come? Bitcoin isn’t painting a pretty picture today as it breaks below $60,000 and I don’t think the Fed is coming to the rescue any time soon. As I said earlier this month: We may be entering the ‘kicking and screaming’ phase. My confidence in that has only grown since the CPI report and the lack of a favorable market reaction afterwards.
This article was written by Adam Button at www.forexlive.com.
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