Chart of the Day - Monday, November 18, 2024

🏆 Today's Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). 
 

• Semis will be in focus this week as Nvidia ($NVDA) reports earnings on Wednesday evening. Despite their leadership in the first half of 2024, Semis have lagged by a notable margin in the second half. 
   
• While $NVDA has held up relatively well, the rest of the group has struggled since July. Andrew points out that the three major Semiconductor ETFs are much further from their highs than the S&P 500.   
    
• After today's close, $SPX is -1.7% below record highs, while $SMH is -14.1%, $SOX is -17.2% and $SOXX is -19.4%. This is a red flag for the broader market, but $NVDA could reignite the group later this week.
   

The Takeaway: Semis have notably lagged since July, sending a bearish message to the broader market. However, $NVDA could revitalize the group later this week as the company reports earnings on Wednesday.