What We Have All Been Waiting For:
There seems to be a stalemate here for technology and with Wednesday’s reaction to NVDA’s earnings I think will have a meaningful push in either direction. We could be on the cusp of a 2 year double top on the Nasdaq, or we could be ready for another sprint higher here, after most of February has attempted to digest the big late run from 2023. The WEEKLY chart below of NVDA, and to be clear I will not be playing the name into earnings, registered a doji candle last week which is adept at signaling changes in the prevailing direction. Now this could drop 10% tomorrow and still have its bull flag breakout intact toward the very round 900 area. Is this PRICED to perfection? Of course, no one knows and SMCI many were saying the same thing every 100 handles I bet. Give bulls credit Tuesday for making a stans at the rising 21-day SMA, but bears would point to the MACD crossover. Again no need to be a hero. Let the dust settle as the move is sure to be energetic and then one can make a better informed decision.