- Nvidia ($NVDA) broke out to all-time highs today, closing firmly above a well-established resistance level at $184. It's emerging from a seven-week consolidation within a solid uptrend.
- $NVDA's market cap now exceeds $4.5 trillion, making it the largest stock in both the S&P 500 and the Nasdaq.
- Renewed strength should be a tailwind for the major indices, but breaking below $184 would negate today's breakout and increase the odds of a sharp sell-off, as this would create a Bull Trap or Failed Breakout.
The Takeaway: $NVDA emerged from a seven-week stall today. However, failing to hold above $184 in the near term would be a potential issue for both the stock and the broader market.
