Nvidia testing/breaking its 100 day moving average. Microsoft also testing a key MA level

Nvidia shares are currently trading down $-9.02 or -7.56% at $110.37. That is right at its 100 day moving average at $110.36. The low price did reach $109.40 below that moving average. Bearish

The current decline is on pace for its worst trading day since April 19, 2024 when the price fell -10%. The price is down three of the last four trading days. The high price last week on August 26 (just before earnings) reached $131.26. That equates to decline of 16% from that high.

As Nvidia goes so does the NASDAQ index and other Magnificent 7 stocks:

• Meta–1.39%
• Apple -2.26%
• Amazon -1.47%
• Alphabet -2.82%
• Microsoft -1.37%
• Tesla is bucking the trend again of 0.60%

Looking at the daily chart of Microsoft, it has been trading between the 100 day MA (blue line on chart below) at $425.07 and the 200 day MA at $410.88 (green line on the chart below). Break below the 200 day MA and the 38.2% at $407.87 would be more bearish technically.

In other chip stocks

• Micron -6.10%
• Intel -6.65%
• Broadcom -5.25%
• AMD -5.84%

This article was written by Greg Michalowski at www.forexlive.com.