Semiconductors in Focus: Top or Not?
NVDA has shifted sideways since the huge earnings breakaway gap, a pattern that tends to provide strong support for profit-taking. Unlike 
AMD, the trend doesn't appear to be at risk of shifting into a downtrend at this time. While there has been some negative news pertaining to China for NVidia, the chart patterns don't indicate any concern from the largest Buy Side Institutions yet.
NVDA reports again near the end of August. By the end of this month, the big Buy Sides will have made adjustments to their holdings depending on their expectations for earnings, a time to watch for any shift in the technical patterns.
AMD reports early August. This short-term M top is at risk of testing support level highs below.
Martha Stokes, CMT
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