Market Correction: Nvidia Shares Plummet Amid Profit-Taking
Friday, 8 March 2024, 18:57
Nasdaq Sinks Amidst Profit-Taking
The market witnessed a sharp decline as high-flying stocks such as Nvidia tumbled due to profit-taking, leading to a domino effect on other companies like Costco, Broadcom, and Supermicro.
Market Correction Signals Cooling Phase
The recent market correction suggests a potential retraction from the bullish trend, with the 14-week RSI levels signaling historic highs for some companies.
This period of de-grossing and profit-taking reflects a possible long-term corrective phase, indicating a shift in market sentiment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.