Stocks

November 17, 2023

Nvidia Nudges The Nasdaq 100

The stock market has experienced a sharp run over the last three trading weeks, with just three down days for the Nasdaq 100. With the tech-heavy index pausing at its July peak, investors are looking for a catalyst to push it to new heights. 🕵️‍♂️

Well, the chart watchers say that Nvidia’s earnings on Tuesday after the bell will likely be the catalyst for the market’s next big move.👀

Below is a daily chart of Nvidia and the Nasdaq 100 ETF, which have behaved similarly since May. After popping on Monday, both of these charts have spent this week consolidating below their former highs as they await some potential news to entice new buyers. ⌚

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It’s unclear what direction these consolidations will ultimately resolve. But given next week is likely to experience lighter trading volumes due to the holiday, Nvidia’s earnings on Tuesday evening are expected to have an outsized impact on the broader market for the rest of the week. 📰

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