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A review of a weak, risk-off trading day triggered by NVIDIA’s CEO resignation and a Nebius timeline delay that hit AI infrastructure names. Energy refiners broke out on an oil jump, and the episode lays out tomorrow’s watch list, Cisco earnings, the PPI release and gap-up/gap-down levels.
Key points
Market breadth was weak: only 56.1% of stocks were above their 40-day moving average, with 99 bulls against 429 bears on the gauge.
NVIDIA closed at 166.19, down 4.34%, and the S&P 500 failed at its 50-day moving average.
Nebius guided FY2026 revenue to the low end and pushed its $7 billion ARR target to February 2027, hurting AI infrastructure names.
Refiners VLO and NPC broke out as WTI rose 2.8% to 88.79 after Trump dismissed an Iran deal.
Tomorrow's catalysts are Cisco after-hours earnings and October PPI at 8:30 AM ET (consensus 0.4%); the regime forecast stays cautious, so keep position sizes reduced.
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See NBIS in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See VLO in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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