Tackle Today Stocks in the News - NVDA / CRM / CRWD

tackle today Matt Mark justice justice Brothers bringing you all of the charts all of the analysis key economic data earnings reports all in a concise manner so you can feel comfortable knowing everything that's going on the market in a couple minutes uh Nvidia had earnings after the Bell we're going to get to that in a second but first we're going to start with the charts Matt S&P 500 this is pretty healthy look right now just waiting for a breakout to get more aggressive aren't we yeah and you're you're through a lot of the really important data and now you can just really kind of see this as a pure technical side of the equation and if you are looking at it through the technical lens here this looks like a very good multiple time frame breakout that we have been dialing in has it really done anything wrong so far in the pattern development it's been going on for a couple weeks of this consolidation but that consolidation is not necessarily a negative thing given the vshape recovery and the slight overextended nature of the market as it did go through that vshape recovery and now you look at it from a multiple time frame perspective and this looks like pretty good little breakout situation happening on the daily with that Weekly chart we're talking about an all-time high breakout so not necessarily easy to accomplish when you're talking about a vshape recovery in a slightly overextended condition but from a pure technical perspective uh the market looks pretty healthy from a potential breakout perspective RSP looking really good in a high base little tiny flag based pattern that looks really good nice little Hammer candle happening in R RSP here uh but when you're looking at the NASDAQ here a little bit and this is the chart I'm most interested in personally because I know the earnings reports you're going to give today in technology they're pretty good so they're all Tech they're all Tech today in in uh in from an earnings and the stocks in the news perspective and this is a pretty decent look from a technical perspective as well had a little bit of a pre-selling behavior in the market yesterday kind of in front of nvidia's report you're not seeing massive volatility post Nvidia and I think that's a positive thing not a negative thing looks pretty healthy from an overall pullback perspective and and and Tech does look like it wants to uh like it wants to confirm here now we got another day in the week we haven't seen confirmation Yet Market is sniffing confirmation on this bull flag based pattern that we're seeing in the cues but we got to see confirmation but it does look like a very healthy look and it looks like the uh the B coming in in the short term these are very very attractive charts from a multiple uh type of Trader uh we'll talk about that in the Traders Lounge uh today uh but uh just waiting on a little confirmation here Matt uh the earnings uh let's do that let's do the economy first uh I mean I'm so excited to get into video earnings I almost wanted to bypass the section that I talk about uh had a trio of economic data come out today uh you had a beat you had a miss and you had an inline expectations now it's very easy to argue argue uh because Jerome pal made the argument for me that labor is the most important data point in the market he spent so much time emphasizing it we had unemployment claims coming today right in line with expectations so that's a nothing Burger the second revision of the Q2 GDP there's three revisions if you are not aware of that the second of the second quarter GDP numbers came in came in with a slight beat of expectations that was offset a little bit by pending home sales but when I look at these and I'm looking at economic data these days from a narrative standpoint is there anything that changes The Narrative of a Fed that is going to cut uh and that we're entering a cutting cycle with the economy holding its own there's nothing from a narrative CH standpoint uh you know that changed for me today uh do you see anything different in the economic data today no nothing changes from a narrative uh regarding the fed the fed's going to cut in September the only question that we have really there is 050 or the 0.25 whether or not the FED wants to do something a little bit more aggressive on the on the on the lift off to Cuts but uh no it it it really doesn't change the narrative and once again when you're going in into cutting Cycles the economic data becomes really really important when you're talking about GDP when you're talking about the labor market a little bit more than the inflationary reports given the fact that the FED basically has declared you know Victory on the inflationary front meaning they have and and what that means is they have confidence of achieving their 2% Target by 2025 it doesn't mean that they believe that they have won that battle as of this very second but they believe the data leads to a conclusion and they want to get in front of any economic uh any negativity uh regarding the economy during this cutting cycle and so the economic data becomes chiefly important especially those that rely or or specifically about the the the health of the economy at itself GDP good print 3% versus 2.8 so you got a slight beat there that looks pretty good when you're looking at the trends a little bit from the economic data uh the only thing I'll say in terms of the trends that we are seeing over the course of the last couple weeks is interesting interesting data on on initial claims here and uh the the reason I bring it up is initial claims as you can see is all over the board when it comes to the accuracy of this report what was expected is very rarely what actually comes in as you can see kind of the yellow horizontal bar that's kind of indicating what was the expectation the blue bar what came through and so when you're looking at this just not really accurate in terms of expectations but in the last couple weeks here bark we're looking at a pretty uh flatlined ever since we got that negative uh report in labor minus 830 odd some thousand jobs uh that never existed that had to came out in the revision well though the the labor market data has been really accurate against expectations in the last couple weeks right around that 231 232 level but in general uh yeah Mark doesn't really change the narrative I would say yeah no uh let's get to these bad boys in earnings uh had a three pack of tech stocks uh that Matt is going to discuss uh obviously going to start with Nvidia but uh some pretty healthy numbers across the board from what you've been telling me yeah I thought there were some pretty decent reports out of the tech space here today and and and one of my favorites uh that came out in terms of the the best report is not even listed here a firm had a really good report I'll talk about them just a little bit but the Kingpin of all of this is is NVIDIA and they came out with pretty good uh pretty good little uh uh report now expectations on Nvidia are extremely high as as is always the case with earnings this if this company produced if XYZ random company in the market produced these earnings today they would be up 10% but Nvidia has extremely high bars and they have a little bit of valuation conversation as well they did officially come in with Beats on EPS they also missed uh uh they also beat on the revenue side of the equation I apologize for saying it missed expectations it actually beat Expectations by 4% Revenue was really positive here Revenue increased by a whopping 122% year-over-year they also increased quarter 3 guidance up to 31.8 85 billion uh all the way up to 33.1 five gross margins came in above 75% I can go on and on about the metrics that that beat across the board when it comes to Nvidia they control the semiconductor conversation and everything through AI obviously goes through Nvidia here I thought they had a really good report quite frankly now the gap down doesn't surprise me um given the fact that I don't really have a probability assessment on how the market Mark is going to immediately react to an earnings report there's a lot of things that goes into the immediate reaction of an earnings report you could have a lot of companies that are basically saying I'm gonna I'm going to reduce exposure through their earnings because there's a tremendous amount of liquidity during the earnings analysis and and so you could have a lot of different things going on here what you did not see today is additional follow-through selling Behavior yet and I thought that was a positive sign as well we'll talk about the charts here in just one second Salesforce came out today and they actually had a really good report as well they had a beat against EPS they also beat on the revenue side they increased uh guidance as well Salesforce is in a really interesting technical situation that I'll talk about here in a second but they also had a really good report pulling off the hatrick crowd strike which has obviously been in the news for basically the the the global uh shutdown due to a crowd strike just a few weeks ago obviously they're going to have some recovery coming out of that but but does it show how much negativity they have in their earnings guidance they came out with beats against EPS they also beat on the revenue side of the equation that's crowd strike that's a given when it when it comes to the guidance though they do decrease the guidance both in terms of the Q3 guidance as well as fiscal year 2024 guidance as well obviously reflecting the the challenging environment post Global meltdown due to crowd strike but again crowd strike's been punished in the in the last month or so and so you're you're talking about something that is already been priced into to a certain extent and we didn't see the the earnings analysis just absolutely get evaporated here and so yes they do officially decrease it my open question for crowd strike is how much of this decrease in guidance has already been priced into the market when you're looking at these stocks that did report earnings here today Nvidia just a little bit of a gap down situation but has not shown any additional volatility I still see this as a breakout situation above 130 and and and it's a pretty decent breakout situation above 130 as well and I wouldn't necessarily care about these two pivots here now from an investor perspective I would say the valuation conversation is a very interesting one and I could see both sides of that equation here I don't necessarily see a 45 forward PE ratio as over overvaluation on Nvidia however when you're talking about the number one grow stock in the market that has similar forward PE ratios to other companies in the market right now and so I I I don't necessarily agree with that uh overvalued conversation but I do understand it from a technical perspective if this thing breaks out this is a good situation from a breakout and I would be looking at those semiconductors you got to clean trigger on a good stock in the semiconductor space on a breakout type situation with the q's and and and SMH starting to show bullish patterns that that looks like a pretty good environment so uh tough uh tough not not exactly tough I don't even want to say that little bit of a gap down not a lot of volatility but really if you were to tell me coming into nvidia's earnings report we were going to get a dogee gap down situation I'd say no we're going to get a little bit more Market moved than that we didn't I think that's a positive thing not necessarily a negative thing now I mentioned Salesforce give this a couple days but if if Cell Force breaks out here you're going to have a really good breakout situation above that 267 level you look at that on that Weekly chart that looks like a really good reversal just Prime to get up above that resistance level you're now fighting your longer duration moving averages on that Weekly chart as a support level the daily chart again your breakout looks pretty good so Salesforce probably in my estimation has a little bit of a better technical s uh uh technical equation than what we're even looking at in Nvidia but a pretty good report out of uh out of Salesforce as well now on the crowd strike front once again my question is how much of that negative guidance which was not as bad as you thought it could have been is already priced In Crowd strike here uh challenging technical condition there's no doubt about that you got a lot of volatility that needs to be worked out but once again not necessarily the the the the worst earnings report out of crowd strike despite the decrease in guidance we were expecting a decrease in guidance was not as bad as what could have been following that Global meltdown that we saw due to crowd strike and I mentioned very quickly a firm there was a uh quite a bit of stocks out there in the market that actually had earnings here Best Buy had a good earnings Dollar General had a nasty earnings but a firm here I want to I want to keep my my focus on a firm here is the four stock here because I felt they had probably the best earning report of the day here and that does include the shine of Nvidia and and CRM as well a firm came in with a negative okay they came in at A4 cents now two quarters ago they're Nega 54 cents last quarter they ne43 cents the expectation this quarter was negative 45 cents and they came in at a negative4 cents that's a really good beat 61% beat against expectation they also beat on the revenue Side Up 47% Revenue growth year over year and they were not done they increased forward-looking Guidance the gapping situation is a breakaway Gap you would be putting it on as some degree of momentum radar and this one looks pretty good coming from the low Point as well so keep an eye on the firm had a really good earning report today and I would give them the Blue Ribbon award for the best earnings report today well listen uh let's get to Commodities real quick only two charts I want to highlight this morning gold and silver pretty healthy price action everywhere uh two of the uh more interesting actionable patterns from a technical perspective uh are in Precious Metals absolutely gold looks really really good here has not done one thing wrong obviously we've been talking about a multiple time frame all time breakout type situation and it does look good as it is dialing in that top uh top level silver a little bit choppy price action here against that 30 handle you got to see that dialed in and once again it's got to be a break got at this point because anything on the downside you got too much shop on the intraday and the daily chart so you're obviously talking about breakout analysis in silver and stocks in the commodity space Oh we do like what we are seeing in the stocks in the commodity space nice little bull flag base pattern going into a really really really important resistance level right around $40 in GDX yeah absolutely listen we're going to continue these conversations on the Traders Lounge we love our Pro Community come see what it's all about go to tackle trading.com hit that 15-day free trial and come join us