Will US Market Contd To Fall Or Rise Today?

US stocks closed Tuesday's trading session mixed with the Dow Jones Industrial Average leading the day's declines.

This was followed by S&P 500 composite index also falling.

Lastly, tech-heavy Nasdaq Composite hugged the flatline. Incidentally, it was the only index that managed to finish the day in negligible gain & positive territory.

When market closed on Tuesday:

  • DJIA: -0.51% (-174.86 to 34,288.83).

  • S&P 500: -0.28% (-12.22 to 4,387.55).

  • Nasdaq: +0.06% (+8.28 to 13,505.87).

  • Respective composite index has fallen below their 20-day ma.

  • Respective composite index has fallen below their 50-day ma.

  • Respective composite index is still sitting above their 200-day ma.

  • Respective composite index’s is within RSI reading in the mid-30s to 40 range. It is neither oversold nor undervalued; not yet.

US Market closely watch catalysts for the week:

  • $NVIDIA Corp(NVDA)$ quarterly earnings report.

  • Mr Powell’s speech on Fri, 25 Aug at the annual Fed’s Summer symposium in Jackson Hole, Wyoming, at 10am.

Of the 2 catalysts, Nvidia’s earnings data will be released today, 23 Aug after market closed.

  • Investors are hoping Nvidia’s earnings report can rejuvenate a US market rally that has stumbled in recent weeks.

  • Nvidia stock price have tripled in 2023.

  • This underscores how (a) a rebound in megacap stocks and (b) excitement over artificial intelligence & its potentials have helped propel the S&P 500 to a +14% gain in 2023.

  • When Nvidia reported its glowing Q1 2023 earnings in May, market responded by driving its stock price up by +24% in a single session.

  • Following that, the S&P 500 technology sector rallied +8% over the next 5 days.

This is why everyone is hoping for a repeat of the miracle again after today’s market closed.

My take:

  • I have been monitoring Nvidia for the past few weeks.

  • Since the start of last week, Nvidia stock price have jumped approximately +12%.

  • It has set an all-time high on Tuesday before retreating.

  • What I am concerned is that such “speculative” buildup could make it more difficult for Nvidia to surpass investor expectations with its earnings results.

  • Assuming the numbers are going to be “just fine”, will it be enough for investors?

  • Lastly if the numbers are “less than ideal” (quite remote), a sell-off might just take place; just like last month.

  • Do you think Nvidia will be handing out another glowing earnings report today?

  • Do you think US market performance will be a mirror image of Nvidia, the stock?

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# 💰 Stocks to watch today?(4 Nov)

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  • Cory2
    ·2023-08-24
    TOP
    $NVIDIA Corp(NVDA)$ will keep going up to maybe 482 then perhaps some sideways action before another bullish run. Depending on whether the USD has a bullish push to 104 on the index (& above)? Great company though which pretty much has the market cornered for the next few years at least - unless there’s competition for their chipset manufacturing or a big breakthrough happens elsewhere, but even then, there’s the time it takes to manufacture, market, etc. $NVIDIA Corp(NVDA)$ and a few other big techs will hold this sector up hopefully 🤞
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  • Lionel8383
    ·2023-08-24
    TOP
    Earnings was super, sad to say Nvidia was something that I didnt buy at $150 in early Jan. Now its way overvalued so I wont be chasing it. Find another one thats under valued.
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    • JC888
      Hi, same here. Waiting for another semi con that produces AI chip.. For now potential is AMD... Just read n wait... It will happen I believe
      2023-08-24
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  • vippy
    ·2023-09-03
    TOP

    Technology and consulting firm Accenture announced a three-year, thress billion dollar investment in AI in June, and recently appointed Lan Guan as its inaugural chief A.I. officer. She will lead the firm’s overall A.I. strategy, including doubling its A.I. talent to 80,000 human workers through training current employees, corporate acquisitions, and recruiting from major universities.

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    • JC888
      Will this be the start of AI replacing human workforce.... Dangerous road ahead...
      2023-09-03
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  • bubblyx
    ·2023-09-03
    TOP

    Magnetar capital -> Coreweave -> Nvidia. Using chips as collateral for a loan in which that loan is used to buy chips lol makes sense. Nvidia is the next Enron.

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    • JC888
      Welcome to the world of US corporate business... Looks like this news has been censored and didn't make it to mainstream media.... Tks
      2023-09-03
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  • frosti
    ·2023-09-03
    TOP

    Let's not forget the blow out earnings and the raise in guidance. Remember they reported on August 23rd so basically two months of the qtr were finished. they know where they'll end up in Q3 and it will be another blow out.

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    • JC888
      I often wonder how sustainable this really is, all the while US Biden Admin continues to tighten chips supply chain over China... Where is the demand coming from?
      2023-09-03
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  • JohnMitchell
    ·2023-08-23
    TOP

    Wouldn't that be something if NVDA drops 100pts tonight?

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    • JC888
      Hahaha, it could go the other way too u know... hee hee
      2023-08-23
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  • Ms Mac
    ·2023-08-23
    TOP
    It's liken to an anticlimactic turn. 😬
    What or when will it improve? IDK..
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    • JC888
      When NVDA results are out, we will know...
      2023-08-23
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  • cheerzy
    ·2023-09-03
    TOP

    When ARM goes public and announces their plans for AI style chips, Nvidia stock will plummett.

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    • JC888
      How credible is a Euro chip maker compare to Taiwanese chip maker? Safe to assert that the most efficient chip maker all originates from. Asia?
      2023-09-03
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  • pixiezz
    ·2023-09-03
    TOP

    Typhoon 🌀 going straight for Nvidia this time

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    • JC888
      When this falls true there will be bloodshed for those who bought in the highs... Scary!!
      2023-09-03
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  • JC888
    ·2023-08-23
    Hi, tks for reading my post. Pls give a "LIKe", "Share" & "Re-post" ok. Rating is very important (to me). Tks!
    Hope u consider "Follow me" to get first hand read of my Daily new posts. Thanks!
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  • nimbly
    ·2023-09-03

    https://cms.tradeup.com/web/community/posts-edit/212056487297280#:~:text=In%20the%20next%20two%20weeks%20we%20will%20return%20above%20500.%20Weak%20hands%20are%20out.%20Buyers%20will%20be%20back%20from%20the%20summer%20break.%20AI%20news%20from%20others%20will%20be%20released.%20Long%20term%20investor%20since%202017.

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  • BillyWilliams
    ·2023-08-23

    I hope NVDA can go higher it’s doing better than the other stock companies

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  • BillyWilliams
    ·2023-08-23

    BTW it’s 3 week bear market was terrible. Need some change

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  • MRgreen
    ·2023-08-25

    Great ariticle, would you like to share it?

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  • Jjinc
    ·2023-08-25

    Great ariticle, would you like to share it?

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  • Peacefulsoul72
    ·2023-08-24
    Great ariticle, would you like to share it?
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  • Taurus Pink
    ·2023-08-24
    [暗中观察] [暗中观察]
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  • wendytan
    ·2023-08-25
    h
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  • LennartM
    ·2023-08-25
    good
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  • KSR
    ·2023-08-24
    👍
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