The Nasdaq 100 has been a touch negative in early trading on Wednesday but has seen buyers come back into the market to lift things again.
NASDAQ 100
The Nasdaq 100 has been slightly negative in early trading on Wednesday but has since fought back to show signs of life right around this 50-day EMA that continues to cause noise.
If the market can rally from here, it will be watching the 29,250 level initially, and then after that might be watching the 30,000 level, an area that's been important multiple times in the past. Ultimately, I think this is a market that is probably somewhat on edge right now waiting to see what happens tonight.
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We get the Nvidia earnings after the bell. That obviously will move things, as Nvidia is such a huge part of the market and also influences the rest of the artificial intelligence trade. They are expected to have good earnings as per usual, and they generally don't disappoint, but comments could also make the markets move as well.
Nvidia Earnings and Jackson Hole Catalyst
Furthermore, after that, we then have to start to think about the speech by Kevin Warsh at Jackson Hole on Friday, and whether or not that signals hawkish behavior out of the Federal Reserve, or if he becomes more dovish. That will have its own influence here.
We are in an area that's been somewhat supportive in the recent past. The 50-day EMA, of course, is an indicator that a lot of people pay attention to, so this all ties together quite nicely for a potential bounce.
If we were to break down from here, I'll look for the market to reset and find some type of support near 28,500. This area has been important more than once.
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