The Nasdaq index is tracking toward the 38.2%/200H MA.
The tech-heavy NASDAQ index is trading near session lows. Those laws came in at 15495.54. The current price is trading at 15504, down -127.30 points or -0.81%.
Looking at the hourly chart, the price is approaching the 38.2% retracement of the 2024 trading range. That level comes in at 15468.25. Also near that level is it rising 200-hour moving average at 15455.20. Since breaking above the 200 hour moving average on January 8, there have only been to hourly bars that traded below that moving average level (on January 17), but no closes on a hourly bar below the MA level.
That moving average will be a key barometer for buyers and sellers technically going forward.
I get the feeling Nvidia earnings will be influential in which way the market goes.
Nvidia earnings will be released after the close. The expectations show:
Q4 FY24 Wall St. Median Estimate via Refinitiv:
- EPS: $4.53 vs. $0.88 last year.
- Revenue: $20.12 billion vs $6.0518B last year.
Forecasts for Q1 FY25 Wall St. Median Estimate via Refinitiv:
- EPS: $4.92
- Revenue: $22 billion (Approx. 306% Y/Y increase)
All four of the above forecasts will probably need to be beaten to prevent a move lower, but who knows.
Nvidia shares are up 24.16% in 2024 alone but is down -9.88% from the all-time high of $746.11 (currently trades at $671).