Chart of the Day - Monday, October 7, 2024

🏆  Today's Chart of the Day was shared by Jake Wujastyk (@Jake_Wujastyk)
 

• Nvidia ($NVDA) was the only positive stock in the Magnificent 7 today, rising +2.2%. It's the third-largest component in the S&P 500 and Nasdaq, although it surpassed Microsoft ($MSFT) in market cap today. 
   
• It's up +158% YTD, making it the second-best stock in the S&P 500 behind Vistra Corp. ($VST). $NVDA has been dead money since June, but Jake points out that it broke the downtrend line from its June peak today.
   
• The stock has set the stage for a year-end rally. It's only -5.8% below record highs after correcting -27.1% on a closing basis and -35.6% on an intraday basis. 
   

Takeaway: Sleeping Beauty ($NVDA) is waking up from a four-month nap. After correcting and consolidating since June, $NVDA is ready to rally in Q4.