The most important company in the semiconductor sector (and, not coincidentally, the most valuable company on the planet) is Nvidia. It seems to have lost its mojo lately.

Last week, on Wednesday after the close, it presented knocked-it-out-of-the-park earnings. In response, on Thursday, the stock vaulted to a lifetime high, only to end the day lower than it opened. It sank more on Friday. It sank more yesterday. And it’s down right now. What’s key is the purple trendline; break that, and then the selling can really begin.