The price action in the Nasdaq is worrisome. TSLA started the week off with a 10% rally and hasn’t given any of it back yet the Nasdaq is now lower on the week and in danger of closing at the lows of the week.
Maybe I’m reading too much into what’s largely been a lackluster trading week ahead of the Fed but it’s not the most-inspiring price action and there’s a good chance Powell will make a hawkish push for November next week.
Nasdaq daily
The Nasdaq Composite is down 1.6% today with notable laggards:
- ADBE -4.6%
- NVDA -3.4%
- META -3.2%
- AMZN -2.9%
You have to worry about NVDA as it hasn’t been able to follow through despite a major earnings beat last month.
NVDA daily