Don’t Chase Nvidia! Salesforce Surges & New Tech Buy Signals
The stock market enters Friday with a relatively quiet pre-market, while investors await comments from the Fed Chairman. Weekly charts show no major trend changes: the S&P 500 and Nasdaq are higher, the VIX is lower, and the TSX has reached a new all-time high. Semiconductors are helping the Nasdaq, while energy stocks have pulled back and Canadian financials remain mixed.
Nvidia was the major focus following Thursday’s strong advance, but the analysis cautions against chasing the stock at current levels. Several new buy signals emerged, including the semiconductor ETF, Nasdaq 100, Vanguard Total Market ETF, and TD Bank, although these signals remain weak and require confirmation from Friday’s opening action. The Canadian banks remain technically weak overall, while the VIX continues to support higher stock prices.
