{"id":6006,"date":"2024-07-12T00:04:38","date_gmt":"2024-07-12T00:04:38","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/12\/nvda-mag-7-breaking-down-russell-2000-iwm-and-retail-iyt-get-silver-cross-buy-signals\/"},"modified":"2024-07-12T00:04:38","modified_gmt":"2024-07-12T00:04:38","slug":"nvda-mag-7-breaking-down-russell-2000-iwm-and-retail-iyt-get-silver-cross-buy-signals","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/12\/nvda-mag-7-breaking-down-russell-2000-iwm-and-retail-iyt-get-silver-cross-buy-signals\/","title":{"rendered":"NVDA & Mag 7 Breaking Down; Russell 2000 (IWM) and Retail (IYT) Get \u201cSilver Cross\u201d BUY Signals"},"content":{"rendered":"
\n

This is a complimentary excerpt from the subscriber-only <\/em>DecisionPoint Alert. <\/p>\n

NVIDIA (NVDA) broke down today in what looks like an echo of last month\u2019s pullback. There is a short-term double top with price resting on the confirmation line. This could just be a one day event; however, if we assume that a correction has begun, we see first support at about 118.00, which marks a -17% decline. The next most obvious support is at about 97.00, a decline of about -32%.<\/p>\n

The primary problem with NVDA is the steep parabolic advance from the 2022 low. Such advances beg for correction, and we can see three previous corrections on this chart.<\/p>\n<\/p>\n

As the title noted, all the Magnificent 7 appear to entering corrections.<\/p>\n<\/p>\n

Today, the Russell 2000 ETF (IWM) 20-day EMA crossed up through the 50-day EMA (Silver Cross), generating an IT Trend Model BUY Signal. Like so many other indexes, IWM is in a narrow trading range that generates whipsaw signal changes, but the strength of today\u2019s move implies a probable upside breakout from that range.<\/p>\n<\/p>\n

The weekly chart shows a PMO rising above the zero line, but we now see a lot of congestion in 2021 that will provide resistance to further advance. That is not to say further advance is not possible, but that it will possibly be more difficult.<\/p>\n<\/p>\n

Also today, the Retail ETF (XRT) 20-day EMA crossed up through the 50-day EMA (Silver Cross), generating an IT Trend Model BUY Signal. Again we have the narrow trading range and potential for whipsaw. In fact, XRT switched to NEUTRAL two days ago. Nevertheless, this seems to be an authentic change of direction, considering that it is a high-volume reversal on a day when part of the market was falling apart.<\/p>\n<\/p>\n

The weekly chart doesn\u2019t reflect much confirmation regarding this one-day change of direction, but the weekly PMO is flat above the zero line, which is encouraging.<\/p>\n<\/p>\n

Conclusion: <\/strong>Mega-cap stocks began to break down today, but other areas of the market have newfound strength. It is only one day of this \u2018bifurcation\u2019 between smaller-caps and mega-caps, but a broadening of the rally could preserve the integrity of this bull market.<\/p>\n

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Disclaimer:<\/em><\/strong>\u00a0This blog is for educational purposes only and should not be construed as financial advice. The ideas and\u00a0strategies should never be used without first assessing your own personal and financial situation, or without consulting a\u00a0financial professional.\u00a0Any opinions expressed herein are solely\u00a0those of the author, and do not in any way represent the views or opinions of any other person or entity.<\/em><\/p>\n

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Helpful DecisionPoint Links:<\/strong><\/p>\n

Trend Models<\/strong><\/a><\/p>\n

Price Momentum Oscillator (PMO)<\/strong><\/a><\/p>\n

On Balance Volume<\/strong><\/a><\/p>\n

Swenlin Trading Oscillators (STO-B and STO-V)<\/strong><\/a><\/p>\n

ITBM<\/strong><\/a> and <\/strong>ITVM<\/strong><\/a><\/p>\n

SCTR Ranking<\/strong><\/a><\/p>\n

Bear Market Rules<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

This is a complimentary excerpt from the subscriber-only DecisionPoint Alert. NVIDIA (NVDA) broke down today in what looks like an echo of last month\u2019s pullback. There is a short-term double top with price resting on the confirmation line. This could just be a one day event; however, if we assume that a correction has begun, […]<\/p>\n","protected":false},"author":0,"featured_media":6007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-6006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=6006"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6006\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/6007"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=6006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=6006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=6006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}