What is unknown is whether any change in the Fed's messaging will occur or will the Fed maintain its higher-for-longer hawkish stance to deal with sticky inflation. Have markets already discounted this? Probably. The CME's Fed watch tool, tracking federal-funds-rate futures products, shows the probability of a 75 bps hike at 88% for November. 75 percentage points at the November 2022 meeting. The FOMC is likely to increase interest rates by. NVDA's rally could continue into the FOMC meeting on November 1-2, 2022.
NVDA rallied along side both these indices.ġ. Broader equity indices have rallied as well, with the S&P 500 and the Nasdaq 100 both gaining about 2.3% on Friday. The lows have not been undercut now for a little over a week.
NVDA has rallied about 15.58% off its YTD lows on October 13, 2022. Watch the green uptrend line off the YTD low on Octoand the red VWAP anchored to the YTD low. If the $128-$130 level is reclaimed successfully, then the next higher target to consider is the $145-$150 range discussed below. This would be reached, if at all, in the next week or two. The most conservative upside target (resistance) range for this rally is $128-$130. Countertrend trading is lower probability, but can be lucrative if risk is managed with great discipline.
Don't be fooled by a show of strength that does not change the overall structure. Other countertrend rallies have ranged from 28.9% to 40.17%. NVDA appears to have begun a countertrend rally within the context of a sharp downtrend. 8 7 5 NVDA: Placing the Rally in Context Primary Chart: NVDA's Primary Trend Since Its All-Time High November 22, 2021, with Anchored VWAPs
0 kommentar(er)
