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NVDA Update: On the subject of the elephant in the room, the reaction to NVDA Earnings certainly is casting a huge shadow on the markets into tomorrow evening's report.From what I have been reading, for Jensen Huang and NVDA to clear the obligatory very high bar for Earnings, the company will have to excite investors with improvements in the forthcoming Rubin server rack that entail more compute, more efficient energy usage, and enhanced cooling ability embedded within each Rubin chip.
We all played it. Folding chairs in a circle, one fewer than the number of players, somebody’s mother working the stereo with her back turned so she couldn’t be accused of favoritism.Nobody won that game by reacting. The kid who won had been shadowing one chair for two full laps — hands low, weight forward, committed to a spot long before the room went silent. The music stopping was the least interesting part of the game. It confirmed what the positioning had already decided. That’s what most market analysis gets backwards when it reaches for this analogy.
I am not sure if there is anything I can add at this point, as the market really has not made much of a move since yesterday. So, the general parameters as outlined yesterday still very much apply at this time. And, it seems the market is waiting for a catalyst to ignite its next move.The one additional point I can add is that the MACD on the 60-minute chart has dropped to levels from which prior rallies have begun. So, it does reinforce the yellow being our primary count unless and until support is broken.
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