Spotting Relative Weakness: Caution Ahead for NVDA

Looking at the 60-minute chart of NVDA with the SPY in the lower panel, it's concerning to see the SPY making a new high while NVDA made a lower high. This divergence is our first sign of relative weakness in NVDA in a while. While this doesn't necessarily mean NVDA is a short, it signals that we should be cautious in the days ahead, particularly if the minor support level at 122.60 is broken. This situation warrants close monitoring to see if the weakness persists or if NVDA can regain strength.