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Extremely Weak Price Action On NVIDIA Corporation Signals Another Sharp Leg Lower

Stocks are gently floating higher today on light volume. The Dow Jones Industrial Average is again within about 50 points of 20,000. While all seems fantastic, one stock that is struggling is NVIDIA Corporation (NASDAQ:NVDA). The semiconductor company traded as high as $109.19 earlier but has since fallen negative. It now trades below $107. The decline in the share price has happened while the stock market has been floating straight up. This is a clear and present negative divergence with the underlying equity markets and should serve as a caution sign for investors. The stock is also making a bearish inside bar pattern on the daily stock chart. This again is signaling sharp downside. I am still in the camp that NVIDIA Corporation hits $70 before making a long term bottom.

Investors see bearish stock chart action on NVIDIA Corp