NVDA heads into its earnings report with a risky setup for long positions
$NVIDIA(NVDA)$ heads into its earnings report with a risky setup for long positions. Yesterday's price action provided bearish resolution after gap filled and indecisive candles. ➡️The key question is whether the 50DMA will provide support?
The candle suggests conviction, and the 50DMA is below 20DMA.
$Invesco QQQ(QQQ)$ $SPDR S&P 500 ETF Trust(SPY)$ $VanEck Semiconductor ETF(SMH)$
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$iShares Russell 2000 ETF(IWM)$ : The 50DMA has established itself as the dominant trend indicator, and price action has convincingly moved lower.
Given the significant Bollinger Band breach, a bounce is likely. The question is whether this bounce will be temporary or sustained? ➡️The previous bounce proved short-lived before further lows were reached, will this time be different?
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