S&P 500 rose to new highs, and then another intraday rug pull came – just like the prior low volume week. Are NVDA earnings as important fundamentally as Jackson Hole? The risk-off sectoral view says so, and very technical intraday trading with false breakouts and breakdowns is the result.
Tech weakness before Wednesday's close, the NVDA uncertainty, is practically the most surefire variable at the moment. So, how will it end? I think with NVDA beat and relief over not too bad guidance – those heavy capex spending where largest players have to keep up with the Joneses no matter what, is the indicator. It has the power to turn the shaky ground looking SMH chart.
This environment though also gets Russell 2000 – moving in fits and starts, the same traps, but continued resilience now when rate cuts have been quite officially confirmed, causing way less indigestion in precious metals together with crude oil relief. Little did change since Saturday's extensive analysis. See here my take published in our channel earlier today.
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Let's mve right into the charts (all courtesy of www.stockcharts.com) – today's full scale article contains 3 more of them, with commentaries.
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