Eye On ES and NVDA

Good Wednesday Morning, MPTraders!  March 13, 2024-- Pre-Market Update:  The day before PPI data, and two days before March Option Expiration most likely will be quietly buoyant (to coin a corny phrase), UNLESS ES triggers an amber warning signal on a break of initial support at 5200-5210 (see my chart work below), and/or NVDA rolls over into a nosedive beneath 919-920 (see chart below) that spirals down through 900, which will have a domino effect in the tech sector...

ES-- My attached Hourly Chart shows the dominant uptrend remains intact and viable as long as consequential support between 5157 and 5176 remains intact. 

Any forthcoming intraday weakness must be contained at or above 5200-5210 to preserve the bullish form carved out from the most recent significant pullback pivot low at Monday's (3/11) low of 5157.00. As long as 5200 remains viable support, my ES pattern work projects to new ATHs into the 5275-5300 target zone.

Conversely, a sustained breach of 5200 will trigger initial warning signals in my work that ES is tired, and as such, is vulnerable to weakness that presses to a test of 5157/76... Last is 5238.25... Continued below the ES Chart...


NVDA-- In pre-market trading-- as I type this post, the stock has pressed beneath key "micro" support at 919-920 to a low at 911.66 so far, which triggers an initial warning signal that NVDA is vulnerable to looping down to retest yest's upside breakout plateau at 890-900, which MUST CONTAIN additional weakness for the NVDA setup to avert still lower projections into the 865-880 target window...  

To preserve a nearest term bullish scenario that calls for a run at the ATH-zone of 960 to 974, NVDA weakness needs to hold 890-900. A sustained decline beneath 890 morphs my near-term setup from bullish to neutral... Last is 914.53

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