Morning update 9 November 2026 (EN): Bulls lick their wounds, Nvidia under pressure over CEO scandal

At the start of this new trading week, futures are higher across the board, especially in the classic sectors. Only the Nasdaq 100 future stays more modest, with the background being the internal investigation that Nvidia announced on Sunday into the ties between CEO Jensen Huang and an alleged Chinese spy. The chip sector has to digest another test, after a week in which some names lost more than 50% from their June peak. Last week was one of the most violent in a long time, with a drop that hit almost every index and sector. This week I am mostly thinking about what we are going to do, and whether there will be room for new positions once the market chooses a clearer direction. There is also the upcoming IPO of Anthropic, which the market may count on as a new confidence signal for the AI trade. It now looks like it comes at a rather unfortunate moment.

A governance issue at 1 of the heaviest weights of the AI rally hits the whole sector faster than a poor quarterly report at a smaller name would. The timing, shortly before an IPO that is meant to serve as a benchmark for AI valuations, makes the news even more sensitive. The fact that investors still bought back the chip names on Friday suggests that Thursday's decline was partly seen as exaggerated.

The picture is more mixed than the headlines suggest. While the chip names make up a good part of Thursday's damage, the broad Dow Jones remains the only one of the 5 indices in the red, a sign that the recovery is mainly concentrated in the most heavily punished names.

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Europe looks more mixed than the US, with the Dutch chip names riding along with the American recovery of the sector while the broader German industry and software names lose ground.

At the start of the new week futures are higher, mainly via the traditional sectors. Only the Nasdaq 100 future hardly moves, and in my view that has to do with the problems around Nvidia of the past few days. According to reports, CEO Jensen Huang would have had a relationship with an alleged Chinese female spy, and the board is now having that investigated. It shows that even the head of such a large company can unknowingly go badly wrong.

The chip sector was already under pressure from questions about financing, the power of companies like Nvidia and the possible curbing of data center construction, and is now going through an enormous correction. Some chip companies are already 50% or more below their peak. When investors realize they bought shares too expensively, you get phases like this, which in some sectors already lie in bear market territory. Briefly, the difference. We speak of a correction at a decline of 10% to 20% from the peak, a bear market starts at 20% or more and often goes together with a gloomy sentiment.

Last week was fierce, with a heavy drop in almost all indices and sectors. Investors become more cautious as a result, and traders who took a lot of risk have probably lost much buying power. Quite some damage has been done to the bulls, so a quick and strong rally will not simply arrive.

Anthropic:
Then there is the IPO of Anthropic, which normally should be coming. I wonder how the value of the company is developing now. There is an Anthropic Perpetual Future, a contract without an end date that trades on crypto platforms such as Binance. You do not buy shares with it, you only speculate on the expected value of the company ahead of the IPO, so it is not a share price, but it is a gauge of how investors think about the valuation. It now stands at about $1,380, against $2,150 at the start of October. It remains to be seen whether Anthropic still wants to go public in this phase. In short, is there still a way back?

We therefore have to think carefully about what we do this week, and calmly keep looking for new opportunities. In Trading only the S&P 500 Booster Long is still running, with a target and a stop loss. Given the futures we have some time left to decide. If a 'bear market rally' gets going that lasts a bit longer, we will also consider a few short positions, but we first look for the best momentum.

We always try to find the best momentum to send our signals to members by email and SMS. Everyone then decides for themselves which positions to follow and which positions fit their own risk profile. Members must always enter the positions with their own broker themselves.

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"An investor who clings to an old peak drifts even further away from reality."

The AEX closed on Friday at 1,120.6 points, after a session between a high of 1,120.8 and a low of 1,111.7. The index trades just below the EMA-20, which comes in at 1,130, and is only just holding the SMA-50, which comes in at 1,119, as support. The SMA-200, which comes in at 1,060, remains far below the price and thereby confirms the longer rising trend. The lower Bollinger Band lies just above the closing price, a sign that the decline of the past days has already been stretched considerably.

Click the chart to view it in full size.

In short. The SMA-200 is still well below the price, so the longer trend remains rising

The RSI is at 46, neutral, so there is still room in both directions

The price does not get above the EMA-20 and drops back after a test of that line

The MACD fell below the signal line and the momentum is negative.

The Nasdaq 100 closed on Friday at 26,990 points, after a session between 27,316 and 26,888 points. The index therefore trades below the SMA-200, which comes in at 27,984, the signal of an official correction. The EMA-20, which comes in at 28,827, and the SMA-50, which comes in at 29,633, also lie far above the price and thus form solid overhead supply. The closing price lies just below the lower Bollinger Band, a rare, strongly stretched condition.

Click the chart to view it in full size.

In short. The RSI is at 31, deep in oversold territory, which increases the chance of a technical reaction

On Friday the index gained 1.35%, a first sign of recovery after the heavy week

The price does not get above the SMA-200 and therefore stays technically in correction

The MACD and the momentum remain clearly negative

The S&P 500 closed on Friday at 7,377 points, after a session between 7,444 and 7,370 points. The index still trades just above the SMA-200, which comes in at 7,325, but below the EMA-20, which comes in at 7,620, and the SMA-50, which comes in at 7,679. The closing price lies just below the lower Bollinger Band, which points to a strongly stretched, oversold move.

Click the chart to view it in full size.

In short. The SMA-200 is only just holding as support, so the longer trend only just stays intact

The RSI is at 35, heading toward oversold, the chance of a technical reaction is now growing

The EMA-20 and the SMA-50 now act as heavy resistance

The MACD is below the signal line and the momentum remains negative.

Risk warning: this update is not investment advice. All information in this update was checked as well as possible, but much is nowadays generated with the help of AI, so some mistakes may still be present. Past results offer no guarantee for the future.

Sources: TradingView, Investing.com, Yahoo Finance, MarketWatch, usmarkets.nl.