Nvidia shares rebound after 7 days of declines, testing a key moving average as broader US indices trade higher ahead of the company's earnings release. The S&P 500, Nasdaq Composite, and Nasdaq 100 all remain caught between their 100- and 200-hour moving averages, leaving the near-term bias neutral heading into the report.
Nvidia shares are trading higher on the day after buyers leaned against the stock's key 100-day moving average, pushing the price back to the upside. The move marks a rebound after 7 days of declines, with the earnings release due after the close tomorrow.
Broader indices track the same setup
The S&P 500, Nasdaq Composite and Nasdaq 100 are all trading higher today, yet each remains caught between its respective 100- and 200-hour moving averages. That keeps the near-term bias more neutral as the market weighs its next move. Nvidia is currently trading between its 100- and 200-hour moving averages as well, and those levels will help define the next directional move as traders position ahead of the earnings announcement.
Levels traders are watching
For buyers to take firmer control, the indices and Nvidia need to hold above their lower 200-hour moving averages and then extend above their 100-hour moving averages. Doing so would shift the short-term bias more firmly toward the upside. A break below the 200-hour moving averages, however, would weaken the technical picture and shift the short-term advantage back toward sellers.
With Nvidia's earnings approaching, those moving-average levels give traders on both sides of the market a clear technical guardrail to watch heading into the report. The setup keeps technical analysis front and center for index traders over the next session.
Source: Investinglive
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