Snowflake slips below $327 as technical overheating points to further downside
Snowflake continues to show strong relative performance despite weakness in U.S. stocks and the technology sector, but momentum is beginning to cool after the sharp rally.
Snowflake continued to expand its AI platform with a new update. The company introduced dynamic model routing in Cortex AI Gateway, which automatically selects a model for each task based on quality, speed, customer preferences and cost. The feature is designed to help enterprise customers reduce unnecessary inference spending as they scale AI applications and agents.
The functionality is also being integrated into key Snowflake AI products, including CoCo and CoWork. At the same time, the company is expanding access to open models, including DeepSeek-V4-Flash 0731 and GLM-5.3, while keeping enterprise data processing within Snowflake’s managed environment.
SNOW correction could extend toward $300
The scenario discussed in the previous analysis continues to play out. SNOW stock has moved below the key $327 level, leaving the nearest price target unchanged at $315–318.
At the same time, the RSI (14) remains close to overbought territory, while the stock is still trading roughly 34% above its 200-day SMA. These signals continue to point to technical overheating.
The move toward $315–318 may therefore be only the first phase of the correction. If selling pressure persists, the stock could extend the decline toward the psychological $300 level.
Relative strength meets a weaker seasonal backdrop
Despite the current correction, SNOW continues to outperform the broader U.S. stock market and the technology sector over a wider time horizon.
Short-term traders, however, should remain cautious. August through October has historically been the weakest three-month period for the S&P 500. Since 1928, the average return over this stretch has been close to zero, while the average maximum drawdown in negative years has reached about 7.35%.
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