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Huge Rebound for the Stock Market During Overnight Trading

We are experiencing a lot of volatility in the stock market, which is demonstrated by the alternating days of green and red candles. Yesterday NVDA’s earnings was a gamble, but the king of tech stocks delivered on huge expectations and set high guidance. There was some media criticisms that NVDA didn’t crush expectations. I think NVDA did just fine, and I think these are some solid numbers.

SQQQ spiked up from NVDA’s earnings selloff, but has now erased its gains and dropped back down to the lower end of this channel. I have $8.19 as a key support level to monitor here, I think SQQQ is at risk of dropping below support.

QQQ Showing Some Strength Today

QQQ is forming a bullish breakout above this wedge pattern, and the pattern of alternating days continues. Today is trending for a green day, and I want to see how much the market can rally throughout the day. I have $486.58 as a key resistance target for QQQ on the way up.

QQQ has been trending down for the past 3 hours. The price action still looks bullish to me, I think QQQ could retest this trendline as support here around $470.90. I’m leaning towards some upside next week. The weekly candle and monthly candle look concerning as we approach the end of August. However, I think the price action is a bit tricky and volatile here. Early shorts are likely to get wrecked with some upside next week.

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