Much more downside to come in the longer-term but coming off oversold reading on the daily so with AMD having already fallen 36% off its highs in just a few months, a counter-trend bounce is likely. 12.35 was key support which is now resistance and would be a gift to re-short or make a new short entry if the stock bounces back that far. However, there’s also the bottom of the May 2nd gap around 11.76 which is likely to come into play as resistance & could be the end of a counter-trend rally & the next objective short entry if AMD gets there soon.

NVDA is a fairly big company but not a stock that influences the market. Even AAPL can’t single-highhandedly lift or drag down the market. Case in point: AAPL plunged in a 45% bear market from mid-2012 to early 2013 yet the stock market made a healthy advance over that same time period.