NVIDIA Stock On The Ropes As Semiconductors Leadership Tested

Active investors must understand the importance of market leadership, both on the way up and down.

And this is proving to be very accurate in the semiconductors sector. Semis played a huge role in the tech bull market, helping to push the and higher and higher over more than a decade.

But, as we have covered several times this year (), tech turned lower late last year, and the semis were the warning as a leader to the downside.

So today, we look at a weekly chart of one of the largest semiconductor companies in the arena—NVIDIA (NASDAQ:).

NVIDIA Weekly Chart

As you can see, a bearish head and shoulders pattern has led to a steep decline. NVDA is now testing crucial dual support (long-term up-trend line and lateral support).

This feels like an important support test for the sector’s leadership—and for the market as a whole. Stay tuned.