CSTNL - S&P 500: 'Everything' Is Overbought Not Just Semis And Nvidia
2024-03-11 08:35:00 ET
Summary
- The big reversal in Nvidia got a lot of attention on Friday, as the market darling closed down 5% on heavy volume.
- The problem for the S&P 500 is, everything seems overbought, if you scrutinize the above sector snapshot from this weekend’s Bespoke Report.
- Given the sharp increase in gas prices at the pump, the expectation was to see a little hotter overall CPI, but that’s not the case.
The big reversal in Nvidia ( NVDA ) got a lot of attention on Friday, as the market darling closed down 5% on heavy volume. As of Friday morning, March 8th, 2024, Nvidia was up 17% in the last 5 trading days and as of the start of the day, was 42% above its 50-day moving average (all of this sourced from Bespoke)....
S&P 500: 'Everything' Is Overbought, Not Just Semis And Nvidia