Nvidia Earnings Preview: Big Market Moves Expected - Key Stocks to Watch Today

Welcome and Market Overview Good morning everyone, and welcome to Wednesday morning. It's Stephen Whiteside here from theuptrend. com. In the pre market this morning, stock index futures and commodities are fairly quiet. We don't have any major economic numbers coming out in the pre market. We do have energy inventories coming out at 10:30 this morning. Nvidia Earnings Anticipation Otherwise the world is watching and waiting for the Nvidia earnings which will come out after hours. We've had a couple of early warning signals, but once we got up over 125, we haven't really been able to break down below that level. If we look 2 lines up, that takes us up to $150. 2 Lines down takes us down to $100. That's our current playing field. Now. Options Traders' Expectations for Nvidia Options traders are pricing in a 9 or 10 percent move after hours, after the earnings come out. Of course, they don't know which way the market is going to go, either up 9 or 10% or down 9 or 10%. We'll just have to wait and see. We've had a bearish reversal signal so far that's holding us in check. VIX and Currency Analysis The pros look like they're still pretty bullish on this stock and they don't seem to be too interested in abandoning shib at the moment. We are going to look for a close below $120. 67 on Wednesday to give us a new sell signal for Nvidia. That's probably not going to happen during the day. We're going to have to wait for that after hours action. And of course we'll wait till Thursday's afternoon close before we actually sell Nvidia if it does start to trade below the lower channel line. Looking at the VIX, the VIX is still on a sell signal that's supported for higher stock prices. Things would change on Wednesday if we were to close above 18. 27. Looking at currencies, us dollar index was down yesterday. The euro was higher, so that's supportive for higher stock prices. And the canadian dollar continued to move higher on Tuesday. Bond Market and Cryptocurrency Updates Looking at the bond market, we did see a pullback in the TLT and the XBB. The XBB still holding on to a buy signal, did not close below the lower channel line. We did see a pullback in emerging market bonds, but then we saw junk bonds continue to close higher on Tuesday. Looking at the cryptocurrencies, Bitcoin pulled back yesterday. Ethereum is now back on a sell signal as of Tuesday's close. Commodity Prices Overview So that open gap is still in play and it looks like the bottom of that gap is acting as resistance. We did certainly trade slightly above it, but you can see that it's a big gap in the market that the market doesn't want to enter at the moment. Looking at commodity prices, we saw a pullback in crude oil. On Tuesday. We saw a pullback in gasoline. So, still on a sell signal. No change there. No change for natural gas. Trying to hold the lows from a couple of weeks ago. No change in trends for the metals. Major Index ETFs Performance Whether you're looking at gold, palladium, platinum, or silver, they're all still on buy signals. No change there. Next up, looking at the major index. ETF's starting off with the Dow Diamonds. Resistance is still holding us in check at 414. 06. Looking at the SPY. Fairly quiet day yesterday. Still dealing with 562. 50. I've been talking about this number for a long time, because not only is it a daily price target, but more importantly, it is a weekly and a monthly price target, and that's why I've been emphasizing it so much over the past few months. Looking at the triple Qs, we've got that early warning signal up there. We ran into the 484. 38 level, and so far that is holding us in check. There is a nice open gap above that level. We've got bearish reversal signal. Pros are still in control. We closed just at the upper channel line on Tuesday. If things deteriorate on Wednesday, we're looking for a close below 469. 65 to give us a sell signal for the triple Qs. TSX 60 and Sector Performance Looking at the iShares for the TSX 60, we've got that early warning signal up there. We hit the 35. 55 level and then pulled back yesterday. You can see that the pros are still in control, but they don't look as excited as they do for, say, the Nvidia or some of the other instruments that we're looking at right now. So things could change to the negative for the TSX on Wednesday. We're looking for a close below 34. 88 to give us a new sell signal for the ishares for the TSX 60. What worked yesterday? Well, Reits on the TSX were the big winners, followed by the semiconductors. Whether you're looking at the SMH or the XSD, they were the big winners on Tuesday. What didn't work on Tuesday? Marijuana stocks on both sides of the border were down sharply on the day. Energy Sector and Inventory Reports Now, looking at the energy sector, it did pull back on Tuesday, but not enough to give us a sell signal. So with the price of crude oil coming down yesterday, that put downward pressure on energy stocks, unfortunately, and we'll have to watch for those energy inventories coming out at 10:30 this morning. Looking at the most actively traded stocks on the TSX on Tuesday, we saw Canadian Natural Resources pull back. Still on a buy signal. No change in trend for Manualife. We do have Suncor back on a sell signal as of Tuesday's close. So a pop on Monday and back down on Tuesday. That's unfortunate. The Bank of Montreal collapsed yesterday on earnings. It ran up, filled that open gap and then that was it. Then looking at Enbridge, we're still on a buy signal here. Things would change on Wednesday with a close below 53. 07. Then a huge update for the Bank of Nova Scotia. So it looks like money came out of the Bank of Montreal. Went into the Bank of Nova Scotia. Coming into Tuesday's trading action, our next price target was 67. 19 and that's where we headed to. Got as high as 67. 37 and we closed at 67. 22. So just a couple of pennies above the 67. 19 target. So if you had an order in up there, congratulations, it got filled. Cenovus Energy still on a sell signal, no change there. Then a new high for Great West. And then we see a small, very small pullback for Sun Life on Tuesday. And then last up, we got Fortis back on a sell signal as of Tuesday's close. Let's finish off this morning's presentation, taking a look at the US most actives from Tuesday's trading action. US Most Actives Stock Review Now, we've already looked at Nvidia. Next up we've got Tesla. Tesla's back on a sell signal as of Tuesday's close. We've got lucid, still on a buy signal here. Having trouble at 430. If we can take that out, then 4. 69, 5. 08 come into play. And no joy for Walgreens. Still on a sell signal here. Landing on our next target of 9. 38. If that breaks, then 7. 81 would be our next target. To the downside, we've got Lumen back on a sell signal as of Tuesday's close. So nice run for that stock, came to an end. No joy for intel. Still on a sell signal here. No change for Ford, still on a buy signal. No change for Open Door. Having an inside day on Tuesday. Having trouble at 2. 54. The high of the day yesterday was 2. 54. If we can take that out, then 2. 73, 2. 93 come into play. PDD dropping like a stone on Monday. No change at all on Tuesday. Closing at the previous day's low. AMD trading in the channel for the past couple of days. A close on Wednesday below $147. 10 would give us a new daily sell signal. And last up this morning, another Magnificent Seven stock. Amazon back on a sell signal as of Tuesday's close. Running up, filling that open gap and and then coming back down. Okay folks, thank you very much for watching. If you found this video useful, please consider liking, sharing and subscribing. Have a great day. Next time you'll hear my voice is on Thursday morning.