August 16, 2023

By Nigam Arora & Dr. Natasha Arora

To gain an edge, this is what you need to know today.

Fed Minutes

Please click here for a chart of semiconductor ETF SMH.

Note the following:

• Semiconductors are the leading sector and prime beneficiaries of the artificial intelligence frenzy.
• The chart shows when Nvidia (NVDA) earnings were reported.
• The chart shows that semiconductors took off when Nvidia guided $11B of revenue vs. $7B consensus.
• The chart shows a downward sloping trendline as part of consolidation after a big run up in semiconductors.
• The chart shows that semiconductors touched the top band of the support zone before it bounced.