NVIDIA: Noise or Nonstop Momentum?

Even with the sharp META selloff, semiconductors are one of the clear morning winners as Zuck and his team emphasized on the conference calls that he will be spending money on AI. Thus, NVIDIA is out in front of the group. 

That said, on the updated NVDA daily chart, below, now more than ever it is important to focus on the context of these moves. 

And when we do that, one thing jumps out: The head and shoulders top from March through mid-April is still confirmed and is still the controlling pattern. While the measured move of that pattern may have come close to being hit, until it is negated I favor it as the controlling pattern to morph into a larger top. 

Beyond that, today's bounce, while impressive relative to the Dow down 600 points, did not come close to even taking out yesterday's highs, for example, let alone the $850/$860 neckline of the head and shoulders top.

In other words, the objective price action does not signal renewed upside momentum on a swing timeframe, just yet. A move back below $800 at this point should be a solid short trigger, too. 

Elsewhere, we have a Bank of Japan meeting overnight with the very weak Yen in focus, not to mention more critical earnings with behemoths GOOGL MSFT this evening, and the PCE data tomorrow morning.