Saxo Market Call Yesterday looked like an ugly "tell" for the market. Be careful out there.
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Nov 21, 2025 The podcast dives into a tumultuous market session, revealing a bearish signal after a surprising reversal fueled by Nvidia's earnings. Discussion centers on potential disruptions in the AI hardware ecosystem, raising concerns about faulty assumptions and financial fragility. Listeners also learn about critical technical levels for NASDAQ and S&P, and how volatility in Nvidia impacts broader indices. The breakdown in cryptocurrencies is highlighted as a leading risk factor, influencing sentiment across financial markets.
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Intraday Reversal Signals Weak Market Sentiment
- Yesterday's session was a major market 'tell' with a sharp intraday reversal that erased gains after Nvidia-driven highs.
- John Hardy warns this bearish engulfing pattern signals weak sentiment and elevated risk for further declines.
Options Expiry Amplified The Volatility
- Options flow and heavy weekly/monthly expiries around Nvidia likely amplified the volatility and scramble into expiry.
- Hardy notes technical damage remains until the ugly bar is erased and key index levels hold.
AI Ecosystem Faces Hardware Disruption
- Disruption risk now includes potential challenges to Nvidia from alternative inference hardware and architectures.
- Hardy highlights novel TPU optical interconnects and massively parallel arrays as a competitive threat.