Nike stock, NKE has formed a death cross for the first time since February of 2024. The last time this happened plunged the NKE by 50-percent. In fact, big whales have already started cutting their Nike position. George Soros has reportedly dumped his entire Nike $NKE position worth approximately $21 million.
That is 27% of his portfolio. $21M is not small change and seeing Soros exit Nike could signal he’s rotating into other sectors or hedging against broader market risk. When a big fund exits a name like Nike, it usually says more about the macro backdrop than the company itself. These are warning signs for NKE holders. History shows a Death Cross can lead to heavy losses if trends repeat.
Back in February of 2024, NKE was going for $105 and fell to $75 within six months. However, keep in mind that death cross in a bull market usually resolves into bigger pumps but not in bear markets.
A lot of stocks on New York stock exchange have formed a death cross which could end up being detrimental for the holders.