NVDA 1-Hour Chart UpdateHey everyone, just wanted to share a quick update on NVDA’s 1-hour chart. Following last week’s bull flag breakout, the stock appears to be consolidating into what looks like a solid bull pennant formation.
With major tech earnings on the horizon and the recent approval to sell H20 chips to China, this pattern could be setting the stage for another breakout. Will NVDA continue its impressive rally, or is this just a breather before the next move?
Techearnings
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IMPORTANT WEEK! MARKET VOLATILITY EXPECTED!TICKER:$SPY
We closed friday with a big red day; Largest red day since October 1st of 2019. This is due to the financial sector (XLF) topping out at the all time high.
Next week is a very important week for the market. FOMC is on Wednesday in addition to tech earnings ($AAPL, $AMZN, $FB, $MSFT, etc...). I expect high volatility this coming week and depending on this week, the market will either consolidate or continue to reach all time highs.
Regardless if its bulls or bears, I am looking to go aggressive this coming week. If XLF continue to dump with spy breaking the low of friday (327.36), I will play TVIX.
However, bulls still have complete control on the daily and weekly time frame. Anything above 320.15 is just a daily HL.