Ahead of the key Nvidia earnings for after close, the broader indices are getting hit in trading today. For the NASDAQ index, it fell below its 100-hour moving average at 15677.26. Staying below that moving average would tilt the short-term bias to the downside.
Conversely, the S&P index has dropped to test its 100-hour moving average at 4967.27 and found willing buyers against the level. So the bias remains more in favor of the buyers in that stock index.
Nvidia earnings will be released after the close tomorrow with expectations of $4.59 on revenues of $20.395 billion. In trading today, its price fell below its 100-hour moving average is $689.54. The low price reached $679.09 so far. It would take a move above $689.54 to help turn the bias back in favor of the buyers.
The major indices have been off to a good start in 2024. The S&P index is still up 4.38%. The NASDAQ index is up 3.96%.
Shares of Nvidia have far outpaced the market with a gain of 39.13% in 2024 alone. That comes after a gain of 238% in 2023 on the back of the AI craze. In support of the price rise, earnings for Nvidia released in February 2022 had earnings-per-share of $0.88 on revenues of $6.051 billion. The expected EPS is forecast to increase by 421% versus 2023 and revenues are expected to increase by 231% versus a year ago.
This article was written by Greg Michalowski at www.forexlive.com. Source