The Ultimate Market Analysis: Nasdaq 100 Struggles, S&P 500 Price Action, Nvidia Stock, and More!
The recent surge in implied volatility took a toll on the market, with the index starting strong but ending flat. As focus shifts to key data, let’s dive into the charts to watch for the day ahead.
1. Nasdaq 100’s Struggle with Resistance:
The Nasdaq 100 faced resistance at 19,475 and failed to cross it for the second day. Watch for support at 19,250 and a potential drop to 19,000.
2. S&P 500’s Price Action:
Despite expectations of Systematic fund buying, the S&P 500’s price action has been lackluster. Keep an eye on the MACD for potential selling pressure.
3. Volatility Index – IV Crush Fades:
The IV crush faded as normal trading resumed, leading to a decline in the VIX1D. Nvidia stock also saw a sell-off, hovering around key support at $118.
4. Nvidia Stock at Risk:
Nvidia closed at technical support but breaking below $118 could trigger a further drop to $110. It’s now below its moving averages, signaling potential weakness.
5. 10-Year Rate at Critical Levels:
The 10-Year Rate is holding at 3.8%, awaiting key reports. A break of support could lead to a significant drop and impact the market.
In conclusion, the market is facing challenges with resistance, price action, and key support levels. Stay informed and monitor these factors closely to make informed investment decisions.