To The Moon

$NVIDIA Corp(NVDA)$ 

🎯💥 🚨 Caution: Market Storm Brewing! Brace for NVIDIA’s Next Move!💥🎯 🚨

Tēnā koe i tēnei ahiahi everyone, Barcode here with the latest on the broader market action for 4th of September 2024! Now,  if today’s market drop felt like getting whacked by a wet fish ~ don’t worry, we saw this one coming from a mile away! And guess what? The show’s  just getting started. 🎬

📊 NVIDIA: The Drama Queen of the Market

Let’s start with NVIDIA, the star of my charts. She’s throwing a bit of a tantrum and is heading for a retest at the $100 mark. But don’t grab your popcorn just yet ~ this isn’t the kind of bounce you want to ride to the moon. 🚀 Nope, after the bounce, I’m expecting a perfect shorting opportunity as we head into the Fed’s decision later this month. 📉

Sound familiar? It should! This pattern isn’t new ~ it's like the stock market's version of Groundhog Day, repeating over and over again. And right now, NVIDIA is the lead actress in this production. 🎭

- Current price: $104.31 (overnight-market)

- Support level: $100

- Resistance: $130+

- Forecast: Short the bounce after retesting $100, because a Fed decision is coming! 🏃‍♀️💨

📈 The Broader Market: Same Old, Same Old

Today’s market action wasn’t exactly a gentle breeze ~ it was more like a gale force wind💨 through your portfolio!  ⬇️ 📉Here’s how the broader indexes are at the time of post:

- Dow Jones: 40,936.93 (-626.15, -1.51%)

- NASDAQ: 17,136.30 (-577.33, -3.26%)

- S&P 500: 5,528.93 (-119.47, -2.12%)

Ouch! As you can see, it’s not just NVIDIA feeling the heat today ~ these heavy hitters are all heading south in sync with my expected drop into mid-September. We’re expecting the Fed’s decision to spark some action, but for now, the storm is brewing. 🌪️

📉 My Charts: Reading the Tea Leaves

Here’s what my trusty charts are whispering in my ear:

- Dow Jones: Right now, we’re in a classic consolidation phase, leading up to what’s likely to be a very sharp drop into mid-September. After that, we’ll bounce after the Fed decision, but the real excitement comes in October. It’s like the market’s scheduled nap time before it wakes up and rallies in November! 😴📈

- Transports (Dow Jones Transportation Average): Now, while transports aren't exactly leading the charge, they are hinting at weakness also. It’s like when the Tui stops singing ~ you know something’s up. Expect transports to continue showing signs of rolling over, keeping us on our toes. 🚛

📦 Small Caps, Biotech : The Sidekicks

- Small Caps (TNA): They’re following the broader market and look set for a drop into mid-September, just like our queen NVIDIA. 👸📉

- Biotech: After a strong run, biotech is finally coming down to earth. It’s been like a kid on too much sugar, and now it’s time for a correction. 💉📉

- Gold: Still the reliable one, gold has been holding up nicely but is now entering a consolidation phase. No big moves expected just yet. 🏆

- VIX: The VIX is doing its thing ~ volatility is  up, which always makes things a bit more........interesting. Expect further turbulence as we inch closer to that Fed decision! 😬

- 🇨🇳 China: China also coming in again after  filling in some gaps. Expect more downside as we head into the final quarter. It’s like a rollercoaster that’s just hit a peak ~ it’s all downhill from here for a while! 🎢

NVIDIA: The Market’s Leading Lady

At this point, it’s clear ~ NVIDIA is the stock that’s setting the tone for the whole market. Whether you’re trading tech, small caps, or biotech, you’ll notice that everyone’s following NVIDIA’s lead. As my charts show, it’s dropping back into that retest area. Once it gets there, expect a bounce, but don’t get too comfortable ~ it’s a shorting opportunity, not a moonshot! 🚀

Historical Fun Fact:

Back in 1960, we saw one of the strongest overbought-to-oversold transitions in market history. It was a wild time with huge swings to the downside~kind of like what we’re seeing now! The market was way overbought, and the correction was one for the books. 📚📉

Looking Ahead:

Here’s what I’m expecting:

1. NVIDIA’s retest around $100 is the big one ~ watch for a shortable bounce. 💥

2. Expect a market-wide drop into mid-September, followed by a post-Fed bounce.

3. Watch for deeper dips in October.

4. Transports, Small Caps, Biotech, and Gold will follow similar consolidation trends, with the VIX acting as your volatility gauge.

Hey Tiger Traders: With the market playing out the same old pattern, do you think NVIDIA will lead the charge into November, or are we headed for a deeper retracement first?

Given the repeating election year patterns and NVIDIA’s leadership in the market, should we be positioning more aggressively for the bounce in November or staying cautious through the October dips @TigerGPT 

Happy trading ahead. Cheers, BC 🍀

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