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Nvidia $140 Matters Right Here, Right Now

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Brought to You By Scott Redler's Power Plays – Get My #1 Idea Every Week.

SPX futures are +20 after the 8-day held yesterday near 5800ish. TSM has the semis higher as it overshadows the ASML disappointment. That’s the big question.

There’s lots of great action as the IWM hit monthly highs, and energy grid names did very well yesterday. SPX 5871 is the recent high.

Now let's dig into some individual names:

NVDA: I bought NVDA $140 calls for next Friday into the weakness. Today we'll see if it has enough power to get and stay above the $140 area. That's what tech wants right now, so keep that level on your radar.

TSLA was sold on the Robotaxi Event. It might be worth a look if it can hold $214 and get into the gap above $224. If that gap doesn't get filled soon, it can go lower. It's very choppy but looks like it will resolve soon.

RDDT had a nice move from $64ish to $77+ to manage. I added back as it held the 8-day and now lit ooks ready for a move to $80+ in the weeks ahead.

CCJ was a nice accumulate around the 8 day near $49-$50 and it had a nice day yesterday to see $55.97. I'd think it sees $60+ in the weeks/months ahead. I’d stay with it.

IBIT woke up last Friday to get me bigger. It hit $38.93 to manage. $36.82 is key gap support that needs to hold. I'm looking to reload lower.

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*Scott Redler Positions Disclosure as of 2024-10-17 at 7.23.40 AM

 

 

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