LIVE MARKETS-Nvidia's claw back can keep Nasdaq concentrating on its highs

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NVIDIA'S CLAW BACK CAN KEEP NASDAQ CONCENTRATING ON ITS HIGHS

The Nasdaq Composite .IXIC pushed higher on Wednesday to end at 21,590.14. With this, the tech-laden index finished down just 0.57% from its 21,713.14 Aug. 13 record close and down 0.98% from its 21,803.75 Aug. 13 record intraday high.

Now, in the wake of Nvidia's NVDA.O much-anticipated quarterly results after the close on Wednesday, e-mini Nasdaq 100 futures NQcv1 are roughly flat ahead of Thursday's open.

Indeed, after sliding more than 5% in the immediate aftermath of the release of its report, NVDA has snapped off its Wednesday after-hours low, and is now down just 0.3% in premarket trade on Thursday.

Thus, with Nvidia stabilizing, the Composite certainly has the potential to soon challenge its highs.

If, indeed, the Composite scores a fresh record close, it will mark its 21st so far this year.

Of note, the IXIC is on pace to rise for a fifth month in a row. The Composite last rose five-straight months in March 2024. The IXIC last rose six months in a row in April 2021.

On a thrust to new highs, the Composite's next target can be a weekly Gann Line, which essentially capped strength in December of last year, which now resides around 22,100. There is another Weekly Gann Line now not far above, around 22,600.

On a break of the Aug. 26 low at 21,389.10, the next support is at the Aug. 20 low at 20,905.99.

The rising 50-day moving average ended Wednesday at about 20,850.

(Terence Gabriel)

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