NVDA Sigh Of Relief

Good Thursday Morning, MPTraders!  February 27, 2025-- Pre-Market Update: Two trading days remain in February... The morning after an anxiety-laden runway into NVDA's Earnings Report, we can hear the market's sigh of relief... On to the next challenge: Friday AM's PCE Inflation Report!

Now that the dust has settled, I think it is fair to say that NVDA's stock price has "survived" an extremely high-bar Earnings Report, attracting buyers on any knee-jerk weakness into the 124-126 support zone. 

If my interpretation of the Big Picture technical setup is accurate, then my analysis discussed yesterday remains very much intact:

... The 2/03/25 low represented the END of a major correction that originated at NVDA's "orthodox" price high of 152.89 on 11/21/24-- the session following the company's November 20, 2024 Earnings report. Furthermore, my pattern work indicates that the rally from the 2/03/25 corrective low at 113.01 to the 2/18/25 high at 143.44 exhibited bullish form... and as such, I am treating that rally as the first upmove of a new upleg in NVDA that is destined to climb to new ATHs above 153.74 to a minimum next target zone of 156 and an optimal target of 163...  

In the aftermath of the reaction to Earnings, I would add to my analysis that post-Earnings weakness into the 124-126 area now represents the conclusion of the correction of the initial upleg from the 2/03/25 low at 113.01 to the 2/18/25 high at 143.44. The strength from the post-Earnings low-zone of 124-126 so far has the "right look" of the initiation of a new upleg that will challenge and hurdle key next near-term resistance from 140 to 143.44 that if (when) taken out, will trigger a run to new ATHs above 153.74... 

Only a bout of weakness that breaks 124-125 support will compromise the budding positive technical setup for NVDA... Last in pre-market is 134.64...