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As the two largest companies in the world, NVIDIA (NVDA) and Microsoft (MSFT) account for more than 15% of the S&P 500. Needless to say, their performance and the way they're trending has a big impact on the overall market.

Below is a check-up on their price charts, both short-term and long-term.

While the market is rallying sharply as of mid-day Friday following Fed Chair Powell's Jackson Hole commentary that has so far been interpreted as dovish, the price action in the two biggest mega-caps hasn't been great recently.

As shown below, both NVDA and MSFT had been trading in just about the tightest uptrend channels you could ask for in the months leading up to August, but those uptrends are now broken.  The sellers were finally able to break the backs of the bulls this month just as we're entering what has historically been the weakest month of the year from a seasonal perspective (September).

The broken uptrend for NVIDIA (NVDA) also comes just ahead of its Q2 earnings report due out next Wednesday (8/27) after the close.

We don't need to provide any more superlatives about the gains that both NVDA and MSFT have seen over the last five years, but a look at their long-term price charts can be helpful for identifying support levels should their short-term weakness turn into something deeper.

For NVIDIA (NVDA), its first big long-term support level is at $150, which represents its prior highs made at the end of 2024.  That support is about $25 below where NVDA was trading coming into today.

For Microsoft (MSFT), its first major support level to keep an eye on is $455; also represented by its 2024 highs made last July. MSFT came into today trading a few dollars above $500/share, so a drop to support at $455 would represent a decline of about 10%.

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