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Even though we’re out of the main earnings season, there are still some companies of note that are issuing reports, even at this late date. The big one tonight is Dell, which is just beneath a very clean triangle top. Resistance is at 114.15.
Nope, this isn’t another post about the gay sex hookup app (GRND, if you must know). It’s about the nature of the /ES market right now. Having climbed about 100 points For No Particular Reason, it has found a happy home grinding around precisely at its 10-month long trendline.
Last time, I saw some very apocalyptic tweets about how the market was going to crash today. I didn’t feel this way. My response to the NVDA news wasn’t exaltation but RELIEF. So long as the sucker didn’t gap up 20 points, I was a happy guy.
Yet, I saw the at Wednesday’s close, the market was pretty oversold, and a bounce was in order, and a bounce on the /NQ was precisely what we got and EXACTLY where I hoped it would go.
I know, I know. It’s all up to NVDA. I get it. And it’ll just be a few more hours until The Most Important Report In Human History is out.
I will say, in the meantime, that the four-hour bar chart on the /NQ futures looks awfully encouraging. Of course, the bears could get completely ripped-off and have this sucker explode higher with some crazy NVDA report. Let’s face it, all the tech giants are buying billions of bucks worth of NVDA chips, and there’s only one game in town. So there’s no reason NVDA is doing anything but great revenue-wise.
I’ve been yammering on and on about SMCI as a terrific short for weeks, and today we get this news:
