Chart of the Day – Friday, April 19, 2024

PAIN. $NVDA

NVIDIA fell over -10% today marking worst one-day decline since the COVID crash. pic.twitter.com/BpGAvAxCIv

— TrendSpider (@TrendSpider) April 19, 2024

Today’s Chart of the Day was shared by TrendSpider (@TrendSpider).

• Nvidia ($NVDA) wiped out over $200 billion in market cap today. As the third largest stock in the S&P 500, it was responsible for most of today’s weakness.

• The stock plummeted -10% today, marking its worst day in four years. It’s still up +53.9% in 2024 but down -19.8% from record highs.

• TrendSpider points out that $NVDA is testing its year-to-date anchored VWAP after breaking down from a Descending Triangle pattern. This was also a textbook Head & Shoulders Top when viewed in a line chart.

The takeaway: $NVDA tumbled -10% to its lowest in nearly two months. It’s the 3rd best stock in the S&P 500 this year, up +53.8% YTD. However, those YTD gains are at risk if $NVDA violates its YTD AVWAP.