What about Nvidia (NVDA)?

We gotten questions on NVDA.

China has reportedly ordered its top technology companies to halt purchases of Nvidia’s artificial intelligence (AI) chips, creating headline risk.

The technicals suggest that NVDA is consolidating within a bullish setup.

NVDA has struggled of late near 174-175, which is the 61.8% extension of the 2022-2025 rally projected from the April 2025 low.

Although we cannot not rule out a dip below the early September low at 164, the late June upside breakout remains intact above 153-150, supporting longer-term upside targets at 220 (target for the June breakout) and 228-229 (100% extension).

Despite the recent loss of upward momentum, rising 26- and 40-week moving averages from 147 to 141 underpin this constructive setup.

NVDA's relative price pattern vs. the SPX mirrors and reinforces the absolute price structure highlighted above.

Chart 1: Nvidia (NVDA)