As Goes Nvidia, So Goes the Market ๐ The Chart Report
Chart of the Day
๐ Today's Chart of the Day was shared by Bespoke.
The worldโs largest company reports earnings after the bell today, with each of its last three post-earnings reactions ending lower and losses accelerating each time.
Given its outsized weight in the index, Nvidia has become largely tied to the S&P 500, making the phrase โas goes Nvidia, so goes the marketโ ring increasingly true.
In Bespoke's full article, they include a chart showing Nvidia is also retesting its former breakout level relative to the S&P 500, with todayโs reaction potentially acting as the catalyst for another leg higher in the most valuable company in history.
The Takeaway: Nvidia earnings could determine the marketโs next major move given its massive influence on the S&P 500.
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