2:00 PM EST
NASDAQ-100 making a third push into overbought territory
This week has largely played out as expected. With the momentum we had last week, the NASDAQ-100 was likely to push higher to retest the highs from last week. Though as we noted both on Sunday and last night. the overall rally ...
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I think Nvidia pop is related to Blackwell at scale being finally real!
Personally I also don’t buy into today’s NV rally due to Huang’s completion of selling , but more of NV’s picking up on QQQ. However, since QQQ is due for a pullback, do you think NV will retrace to 116-120 as well? I vaguely remember you had some analysis showing NV moved in separately direction from QQQ.
Once the QQQ pulls back, Nvidia is going to pull back with it. The selling is typically too heavy for many stocks to resist. A 2-4% pull-back is pretty substantial in market terms.
Sam, would you be open to adding a section in your updates that point out what you think the support and resistance levels for the day are across QQQ and NVDA? Similar to this guy: https://www.reddit.com/user/jmj_daytrader/submitted/
It would be a great gut check for when I look at the charts as I’m very new to TA. Or maybe a different section. Up to you.
Again, thanks for all the solid info.
So I try not to get too bogged down in the intraday stuff as we don’t do a lot of day trading here. But we do post broad support and resistance levels. Like right now, we know the $486-$487 area is broad resistance for the QQQ as is the $493 level (the lower gap-line). Support sits at $480.
More important than pure support/resistance lines is the trading cycle we’ve outlined. Like we know a $10-$17 pull-back is coming to the QQQ soon for the reasons pointed out on Sunday and Monday.
I am fine with the level of details you’ve been proving and monitor them closely. I’ve been learning and making money since I subscribed. Thank you and look forward to the $5000 to 1 mil challenge.
I am not sure if you already say anything about leverage ETF, the question for you is what is your opinion on NVDX/NVDL (2x NVDA)? Should one hold them in their portfolio? What is the risk other than the brutal drawdown in a bear market? Can these funds go insolvent thus bringing your investment to zero?
Can you write an article about these? If I believe in the longterm growth of NVDA, what is the risk in trying to super-charge my returns with those leverage ETF? Thanks,