Stock Trends

Sorting through the wreckage + Mailtime and Mag 7 earnings

Good morning,

No time for an intro today. This week’s Stock Trends will review:

• The recent bounce attempt for Monday’s worst-performers

• Mailtime requests from our readers

• Levels to watch amid Mag 7 earnings

• and more!

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Sorting through the wreckage

Skeptical of Nvidia below $129.50

After a big bounce on Tuesday, Nvidia lost 4.1% yesterday, showing that volatility is far from over. $129.50 is the broken support level and if we’re below that, it’s right to not chase bounces. A break of $116.25 would suggest more potential downside.

Marvell has the support of a big base

Marvell (-19%) was the biggest semiconductor loser on Monday but if there was a stock I was going to step into, this would be it. The stock has the support of a huge multi-year base and is already responding to first support at $99. I don’t think this is going right back to the highs though and expect the damage to take time to repair.

New highs will take time but AVGO is okay above $185

Similar to Marvell, it is likely going to take some time before we see Broadcom make another run at $250. The stock is in tactical no-man’s land but okay from a long-term perspective as long as it remains above $185 and the 200-DMA.

CDNS continues to tag the 200-DMA