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Riding NVDA Wave

 

February 23, 2024 (Investorideas.com Newswire) Very risk-on day in S&P 500 with only the opening two hours seeing some selling - the buyers prevailed till the close, assuming the reins 1-2 hours earlier than I anticipated. 5,065 resistance of course fell - so easily that the upswing can reach 5,125 later today.

With no data in the way, the FOMO momentum can continue after gyrations similar to yesterday around the opening bell - I'm looking for another close in the black for ES and NDX.

In light of latest successes, I'm opening today's article for all - have a great weekend ahead.

Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren't enough) - combine with subscribing to my Youtube channel, and of course Telegram that always delivers my extra calls (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock.
So, make sure you're signed up for the free newsletter and make use of both Twitter and Telegram - benefit and find out why I'm the most blocked market analyst and trader on Twitter.

Let's move right into the charts (all courtesy of www.stockcharts.com) - today's full scale article contains 3 of them, featuring S&P 500, precious metals and oil.

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S&P 500 and Nasdaq


5,065 is not on the table - tech wouldn't be a laggard in today's upswing, where I am looking for cyclicals (with materials and energy somewhat lagging) to do fine, and defensives to do of course worse. 5,125 is reachable during today's session, and NVDA would break above $800 on a closing basis.

Gold, Silver and Miners


Gold is showing relative strength under the radar, and miners are deceptively weak (would though remain like that for many days more) - the yellow metal though would come back to $2045 next week.

Crude Oil


Should crude oil break $75.50, that would be serious setback for the bulls. For now though, it appears $76.50 would hold, and already this $77.20 area is getting interesting for longer-term holding. I view the $79 rejection as a temporary setback, not a final top - manufacturing is picking up and consumer is strong, so I favor oil demand not to disappoint worldwide. See KOSPI as a leading indicator of exports and global trade.

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