Ipek Ozkardeskaya
Swissquote Bank Ltd
One question that everyone asks is, whether last week’s good news marked the finale of the Nvidia’s surge to the top, and if the past three-day selloff is the beginning of a sharper downside correction. The other question in minds is if the price pullback a good opportunity to strengthen long position at a better price before Nvidia announces its Q2 earnings, where it’s expected to reveal a monstruous $28bn sales, which is more than the double of money is made the same time last year.
Yesterday’s 6.68% plunge in Nvidia shares didn’t do good to mood in Nasdaq 100. The index dropped more than 1% whereas losses in the S&P500 remained limited to 0.31%, as the financials gained 0.63% while energy sector rallied 1.70% on the back of a rebound in crude oil to retest the $82pb level resistance, the major 61.8% level on the latest selloff.
Elsewhere, the US dollar index eased yesterday, as the weekend euro bears scaled back their positions after the weekend, the USDJPY trades a touch below the critical 160 level as the yen bears are testing the nerves of the Japanese officials to see what level will trigger an FX intervention and the Loonie benefits from a rise in oil prices ahead of CPI update.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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