US tech stocks in general are under moderate pressure today, down 0.4% but some of the highest flyers are feeling some pressure. Shares of Nvidia are adown another 1.6% after completing a massive reversal on Friday.
Eyes will remain on NVDA but another one that I’m watching is Supermicro (SMCI). It went super-nova from mid-January in a run to $1229 from $330 as it reported strong demand for its server designs via the AI boom.
However I Friday I noted that its weekly RSI was at 94, which Barchart said was the highest of any large stock since Gamestop.
SMCI daily
Other than SMCI and NVDA, there are some positive signs. There has been a strong correlation with Bitcoin and risk appetite (and the NQ in particular). The 5% jump in bitcoin today to a record $72000 argues for dip buying, or at least selective toe-dipping.