Nvidia Earnings Week – These Levels Matter Now
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SPX futures are +11 as the market is pricing in 34bp of rate cuts at the 9/18 meeting and 105bp of rate cuts for 2024, which could be aggressive. The 9/6 jobs report will be important, along with the July PCE on 8/30 and the August CPI on 9/11.
We'll see if early strength holds or fades. 5643 is pivot resistance – does it get and stay above? If so, 5669 is the July high. If we fade, 5560 is key support for the week.
Now let's dig into some individual names:
NVDA helped lead the way after it gave us the 8/5 bottom trade. Then it cleared $106.50 to open the door for higher prices. Last Thursday, it failed to hold $130, giving us some clues that we can fade. It sold down all day with a low of $123.10. Friday's action trapped some sellers. Results are Wednesday. See if it holds the $130-$130.75 area or fades again. We'll see where it is on Wednesday for earnings option strategies.
I said AMD can be better during this recent active bullish sequence. Some bought as it cleared the $138 area. It hit $162 last week. It needs to hold the $148 area. It might sit out until Wednesday's NVDA results.
SMCI seems to have a nice setup. Some are already long vs. $595. Others are waiting to see if it can get and stay above $632 then $640 to fill that gap up to $660ish at least. We might need NVDA's results before it can resolve.
GOOGL has been the worst Mag 7 name since the corrective phase. Some are trying to play this for some catch-up. $163 needs to hold.
On August 8th, GLD cleared $222ish to get some active longs back in. It cleared $229 to see the $234 area. It's starting the week green. $229 needs to hold. Those asset allocators buying every month for years are getting rewarded.
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Your Tip for This Week: Focus on Execution First, Money Second
If you get good at anything, the money’s going to come eventually.
So focus on developing your skills and properly executing the strategies you learn.
That’s what’s going to keep you in the game for the long run.
Fast money leaves just as fast as it arrived.
You want to develop a set of trading strategies that can give you consistent profits, no matter what’s happening in the market.
Once your brain gets big, your wallet follows.
Things start off slow this week but heat up fast with earnings from NVDA, CRM, CRWD, CRM, DELL, MRVL, and others.
Plus, we have the important PCE Price Index report and GDP.
P.S. Don't forget to check out Scott Redler's Power Plays – Get My #1 Idea Every Week.
Positions Disclosure as of 2024-08-26 at 8.41.57 AM
