The S&P 500 (SPX) plunging last week toward its 200-day moving average is a key support area Jay Woods is watching this week. As investors question the future of Nvidia (NVDA), Microsoft (MSFT), Oracle (ORCL), and other Big Tech stocks following the midterm elections, Jay says to watch out for a relief rally ahead. When it comes to Nvidia CEO Jensen Huang and the company's probe against him, he says "trust is very important in this industry," and believes shareholders will hold that same mindset. Jay adds it opens the door to competitors like AMD Inc. (AMD), Alphabet (GOOGL), and Broadcom (AVGO).
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