The price of Nvidia is stretching toward its all-time high despite a down day for the broader US stock indices. Shares are currently up $2.70, or 1.12%, at $231.00. The intraday high reached $234.76, putting the stock less than $2 from its record high of $236.54.Technically, the combination of the nearby all-time high and broader market weakness has helped put a temporary lid on the rally. However, the intraday correction has also found support near a swing area around $228.40 in spite of the broader stock market weakness. That level at $228.40 is important for the short-term bias. As long as the price remains above the level, buyers remain in firm control and can continue to target the all-time high at $236.54. A break above that record level would move Nvidia into uncharted territory, where traders would look for momentum and follow-through to confirm that the breakout is sustainable.Conversely, a break below $228.40 with momentum would weaken the bullish bias - in the short term at least. It would also increase the possibility of a deeper rotation toward the rising 100-hour moving average near $220 on the failure to reach and breach the all-time high. That moving average represents a more significant test for buyers. Staying above it would preserve the broader bullish structure, while a break below it would give sellers greater control.The most successful traders tend to analyze different markets in much the same way. The technical approach used for Nvidia is the same approach I use for currency pairs, stock indices, oil and other commodities. The instrument may change, but the process remains the same: define the bias, identify the level that would invalidate that bias, limit the risk and establish the next targets.In this case, Nvidia’s move above the swing area near $228.40 represented a bullish shift. Holding above that level would keep buyers comfortable and the record high within reach. Falling back below it would be the first warning that the upside momentum is fading.In the video above, I take a closer look at Nvidia’s technical picture and explain the levels that will determine whether buyers remain firmly in control or whether sellers can force a deeper corrective move. This article was written by Greg Michalowski at investinglive.com.