TradingKey – NVIDIA (NASDAQ: NVDA) trades at $198.58, having re-tested what was previously support and is now acting as resistance on the 4H chart after rallying on a green candle from the lows of the lower channel. Today marks the sixth straight trading session for NVDA underperforming the S&P 500, its longest streak of relative weakness since Sept. 2025, and still trades 23% lower from its all-time high close of $235.47 in mid-May.

In terms of sector performance, this week’s relative underperformance stems from a rotation among institutions that appears to be exiting high-flying AI hardware stocks and into particular subsectors, specifically memory. That’s the exact same Micron and Sandisk trade that has been the story of this week…