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Good Thursday morning!
NVDA reported last night after the bell and beat on earnings yet again, however, the stock is only slightly lower this morning and well within the expected move. If you bought volatility in the name you will be a loser today and if you were a seller you will be a winner. The earnings beats are narrowing so the writing is on the wall, meaning, this kind of massive spending cannot and will not last forever. NVDA today is the CSCO of the late 90's DOT.COM bubble! Both massive players in their space as the technologies build out....the internet back then and AI today...but things need to cool down!
All that being said, the futures are higher this morning and price in the S&P futures are back into a very large range. After the sharp selloff yesterday buyers have pushed prices back above 1/2 back so it will be key today whether or not prices can hold up here. The S&P Cash is back above 5595 so let's see where it closes today. Back below would be more bearish and any hold above would be more bullish.
The NDX broke below a key level yesterday @ 19,475 however found support right on the 21 Day MA @ 19,350. That is our new line in the sand so please pay attention, especially if you are trading large cap tech today!
5611 is 1/2 back and 5606.25 is the Point of Control, so these will be excellent key levels to pay attention to as far as buyers vs sellers and who is winning! 5624 will also be a key level as this is the bottom of the spike from yesterday and there should be very little resistance and a possible short squeeze if price stays above this number! Keep an eye on the profile pic and stay alert as we have more earnings and economic data ahead into the end of the month!
VPOC Update: No new VPOC's added yesterday, however, with the violent selling that occurred price took out 5596 below, so now only 5699.50 way above and now 21 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5635 - 5645
Key Levels: 5611 1/2 Back & 5606.25 POC
downside target is: 5590 - 5580
/NQ upside target is: 19,575 - 19,595
Key Level: 19,469 1/2 Back
downside target is : 19,375 - 19,350
/RTY upside target is: 2200 - 2210
downside target is: 2175 - 2170
Economic Data: Busy Today!
GDP @ 8:30 AM EST
Jobless Claims @ 8:30 AM EST
International Trade in Goods (Advance) @ 8:30 AM EST
Pending Home Sales @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
More Color....... By Analyst Rich Rickus
/ES - Demand $ $5605-5600 with Supply at then $5628 -25 then $5640
Bearish
1. Buyers trapped below $5625 and holding below after a pullback below $5620 looking to play SHORT targeting $5602 then $5588
Bullish
2. Sellers trapped above $5610 looking to play long targeting $5625 then $5652
SPY - Demand at $557-556 then below at $554 -555 w / Supply at $563 -564
Bullish
1. Sellers trapped above $556 looking to play long from $557 targeting $559 then $560
Bearish
2. Buyers trapped below $556 after a retest from $555 targeting $554 then $552
/NQ Key Demand at then at $19210 then at $19445 with Supply $19558
Bullish
1. Sellers trapped above $19690 looking to play long from $19700 targeting $19744 then $19780
Bearish
2. Buyers trapped below $19680 and holding , looking to play short targeting $19655
then $19622
QQQ Key Demand at $473-472 with Supply at $478 -479
Bullish
1. Sellers trapped above $471 after a break from $472 I want to play long targeting $473 then $474
Bearish
2. Buyers trapped below $471 after a break and retest below $470 looking to play short targeting $468 then $469
Have a great day!
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