We did not see the exhaustion squeeze up yesterday that I was looking for on NVDA, as if we can see it happen in the first hour of today it should mark a high in it, and the rest of the market. I'm looking for about 6450 on the ES, and 177-180 on NVDA. A move like this will be a pierce of the rising trendline of major resistance, and I think it will only be to hit the stops before we rollover to start the much needed 300+ point pullback in the ES. With the FOMC next Wednesday we could bottom out right in front of it, and then squeeze hard afterwards. Below is the chart of NVDA...
As you can see we have already hit the rising trendline of resistance, and everyone likely shorted it. I'd guess that many more shorted it yesterday too, and you know the algo's are going to go after those stops before they drop it. The spike high on 11/21/24 was just that... a stop run on the bears. Then it dropped. Well, if we can get that squeeze today we should have the 3-4% pullback on it and the rest of the market. On the ES the target is 6450-6455, and if we can get that today, and an early squeeze up on NVDA in the first hour we should top and pullback into early next week. Will it happen? Who knows for sure! This market is super controlled right now so I'm probably going to be wrong again.
Have a great weekend.
