11:55 am
SPX made a new all-time high this morning, yet NDX has not yet attained a new high. All of this excitement over one company…We’re looking over the edge, but being pulled back at the last moment. The NDX is especially vulnerable, as Nvidia and Meta accounted for 70% of this year’s gains. Today is day 251 in the current Master Cycle, leaving a week to finish off this probe higher. Positioning is stretched, but no one seems to care.
ZeroHedge reports, “US equity futures blasted higher, and were set to push US the S&P500 to a new all time high when markets open for trading, matching record highs hit earlier in the session for both Japanese stocks…
… and European bourses…
… boosted by blowout earnings by Nvidia which surged in early trading after delivering another eye-popping sales forecast – it really was the $2BN delta between NVDA’s $24BN revenue forecast for the current quarter and the $21.9BN consensus estimate – that added fresh momentum to a stock rally that already made it the world’s most valuable chipmaker and fanned gains in tech stocks – and really all stocks – around the world. ”
VIX pulled back beneath the mid-Cycle support at 14.78, but maintaining an upward bias. VIX has two more weeks to go in its current Master Cycle. A lot may happen in two weeks.
TNX is probing higher, being largely ignored while speculators gorge on their Nvidia gains. More strength fo the rally in yields is in store for the next two weeks.