SPY Technical Analysis for Wednesday August 23, 2023
The Bulls' Battle to Hold 437.57 Amidst Low-Volume Bearish Candle on the Daily
NVIDIA's 2.8% Drop Ahead of Quarterly Report: Earnings to Shape Market Direction
A day after the big tech rally, stocks failed to gain traction, with traders bracing for Nvidia Corp.'s results, expected to challenge Wall Street's enthusiasm for artificial intelligence. Concurrently, the S&P 500's August decline persisted, with banks experiencing downgrades from S&P Global Ratings and Moody's Investors Service in a "tough" environment. Macy's suffered a 14% drop due to rising credit-card delinquencies, sparking concerns about consumer health, while NVIDIA fell 2.8% after hitting an all-time high before its quarterly report. Many experts predict that NVIDIA's earnings and Jerome Powell's upcoming speech will shape the market's direction. Meanwhile, the options market anticipates a 10% move following the results, signifying the importance of NVIDIA's outcomes. NVIDIA, which accounts for over 3% of the S&P 500, may have broader implications, as it is the only stock in the index with call option prices higher than put options, according to Nations Indexes data.1
SPY Sweep Liquidity at 441.50 as Sellers Come in Between 50 and 52% Retracement
62% Retracement Holds as Resistance on NQ1!
Sellers Come in at 50% Retracement on ES1!
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