There has been a recent trend of alternating days between one green and one red daily candle. Yesterday I discussed this trend for NVDA, SPY, QQQ, and IWM. Today the trend continues as NVDA is trending for a green day. This trend suggests NVDA will close green today, and is likely to close red tomorrow on the date of the earnings announcement.

SPY is also trending for a green day, and continues to trade below the $565 resistance level near all time highs. I think SPY could experience some upside as we get closer to NVDA’s earnings announcement on Aug 28 after stock market close.

QQQ is also trending for a green day, but the price action continues to look bearish compared to the S&P. I think it’s possible to see a spike up sometime today or tomorrow caused by NVDA earnings hype.

NVDA Likely to Experience Volatility Tomorrow

NVDA closed the day green, and the trend of alternating days continues. Tomorrow NVDA reports earnings after market close, and I think we are likely to experience some volatility ahead. I’m leaning towards some upside followed by a selloff headed into earnings. I’m bearish headed into this earnings announcement, but if NVDA beats earnings we can see some upside in the later half of this week as well. Next week the markets are likely to selloff headed into the Sept. 6 jobs report.

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