The SPY continues to just linger in this tight range sandwiched between the 8 and 21 ema. Today is the big day, after NVDA reports we should get some clarity on a direction finally. We know the numbers will be strong but it is all about the guide. They have room to raise the buybacks plenty and the market would love that. NVDA usually trades poorly on earnings but after being rangebound for a year now, Jensen may bring some surprises on the call. Other than that inflation numbers were not ideal this morning, the rate cut thesis seems less and less likely everytime we get a hot print but the President keeps pushing for it and unless his handpicked fed chair ends up doing what he wants it seems unlikely we’d see rate cuts this year based on data.
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Here are today’s large cap momentum scans. The rest of the small and mid caps can be found in the database link below.
My Open Book
