Will It Be Turnaround Tuesday Or More Risk-Off Ahead Of NVDA Earnings?

Good Tuesday Morning, MPTraders!  February 25, 2025-- Pre-Market Update: Four trading days remain in February... Another heavy Earnings reporting day... Turnaround Tuesday ahead of NVDA Earnings tomorrow evening, or more risk-off ahead? 

ES-- Whichever scenario unfolds ahead of NVDA Earnings tomorrow evening, my technical work indicates that the MOST IMPORTANT SUPPORT LEVEL THAT MUST CONTAIN WEAKNESS ON A CLOSING BASIS IS 5935 TO 5950. 

As long as 5935-5950 contains any additional weakness, my post-Dec 2024 ATH (6181.25)-to-present setup work CAN "arrive" at a pattern-based bullish resolution to the 10-week sideways digestion period shown on both my attached Hourly and Daily ES Charts (see the turquoise dotted lines on my Hourly Chart and on my Daily Chart, the thick black pattern demarcation lines).

In other words, a closing break of 5935 greatly increases the likelihood that ES is in the grasp of a much deeper, more technically damaging corrective process that at the very least will challenge the upsloping 200 DMA, now at 5837, and more than likely will retest the multi-month lows in and around 5800 shown on my Daily Chart (see the dark green horizontal line across the 5795-5809 price plateau)... Last is 6005.75... (BTC continued below the ES charts)...

In overnight action, Cash Bitcoin nosedived beneath 4 months of support across 89,200-91,700 support, which triggered a knee-jerk down-spike that hit a multi-month low at 86,900 before BTC bounced to 89,000. To neutralize the overnight plunge BTC needs hurdle and sustain above 92,500.

In the absence of a sustained recovery above 92,500, however, BTC will remain vulnerable to another loop down that retests and-- according to my near-term pattern work-- violates today's low at 86,900 en route to my optimal corrective target window that has as its shallowest objective 84,300, and its deepest objective at 78,000 from where I am expecting BTC to "execute" an exhaustion upside reversal spike. Last is 88,883...