What Happened
The DRAM memory ETF has surged strongly since launch, drawing significant retail and institutional interest in the memory chip sector. A leveraged version is now set to follow, amplifying exposure to names like Micron Technology, SK Hynix and Samsung โ the dominant global DRAM players. On the Nasdaq, the index sits near 19,850 after a 0.8% gain in the latest session, with semiconductor stocks leading the charge. Nvidia closed at approximately $137.50, up 1.4% on the day.
Key Levels
Nasdaq support: 19,400 (recent consolidation base) and 18,900 (50-day moving average). Nasdaq resistance: 20,000 (psychological round number) and 20,400 (all-time high zone).
Nvidia support: $130.00 (prior breakout level) and $124.50 (200-day moving average). Nvidia resistance: $140.00 (near-term ceiling) and $149.00 (record high).
Technical Picture
The Nasdaq remains in a clear short-term uptrend, trading above both its 20-day ($19,200) and 50-day ($18,900) moving averages. RSI on the Nasdaq sits near 62 โ bullish momentum without being overbought. Nvidia’s RSI is closer to 68, flagging strong buying interest but approaching stretched territory. The broader semiconductor sub-index is outperforming the wider market, a positive signal for risk appetite.
What Traders Are Watching
The 20,000 level on the Nasdaq is the key near-term trigger โ a clean daily close above this opens the door to a test of all-time highs. For Nvidia, a break and hold above $140.00 would be a strong bullish signal. On the ASX, tech-adjacent names like WES (Wesfarmers) โ which holds a stake in lithium and tech supply chains โ and broader sentiment in the ASX 200 (currently near 8,320) will be influenced by overnight US semiconductor moves. ASX 200 support sits at 8,200 and 8,050, with resistance at 8,400 and 8,500.
Bias
Bullish โ The launch of a leveraged DRAM ETF signals strong institutional conviction in the memory chip cycle. As long as Nasdaq holds above 19,400, dips in semiconductor-linked names are likely to be bought.
Source: CNBC Markets