Jay Woods, chief market strategist at Freedom Capital Markets, is monitoring two semiconductor stocks, Nvidia and Broadcom, for clues on the market’s next move. Nvidia rallied to $230 last week, its highest since mid-May, but failed to break through the $235 resistance level, potentially forming a double top. Broadcom, meanwhile, held a key support level of $350 after reporting earnings. The S&P 500 is holding around 7,600 to 7,620, though it has not surpassed its August 13 closing peak of just under 7,800. Additional catalysts this week include the August producer price index on Thursday and consumer price index on Friday, along with earnings from Adobe and Oracle.
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