5 Critical Charts Indicating the Stock Market Correction Could Have Room to Run

Oct. 2, 2024 - Investing.com

Below, we'll take a look at five charts indicating that this correction still has some room to run before we think about resuming higher. Perhaps more importantly, we’re now seeing the development of a rising wedge on the Nasdaq 100, which might be part of a bear pennant.

Nvidia Stock Forms Bearish Engulfing PatternRegarding Nvidia (NASDAQ: ), there are reports that Huawei, a Chinese chip company, is developing its own AI chips, with Chinese companies seeking cheaper alternatives to Nvidia. Apple Correction Weighs on IndexesEven before the market opened, negative headlines about Apple (NASDAQ: ) reducing iPhone 16 production by 3 million units were reported.

I’ve owned Apple stock for years, and I think the iPhone 16 Pro Max is just okay...