NVDA attempted to form a bullish rebound yesterday, but the price ended up wicking back down with little gains throughout the day. However, NVDA continues to form a bullish rebound today, and is showing some strength again. There is a very strong correlation between NVDA with the NASDAQ and S&P. I think NVDA’s rebound is driving a rebound with SPY and QQQ, which means that SQQQ will experience some downside.

NVDA has experienced a lot of downside after beating earnings expectations, and there has been a lot of shady manipulation caused by fake news about a DOJ subpoena. Nancy Pelosi is still holding her NVDA position, which makes me believe that there will be some more upside in the short term. For now NVDA has experienced a lot of downside and is trying to rebound back up. One key target to consider is the red resistance line around $123.66. However, if NVDA manages to break above this resistance level the entire stock market could rally back to new all time highs.

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