- The Opening Print
- Posts
- $1.7 trillion chip giant Nvidia just gained over $100 billion in value after a blowout quarterst
$1.7 trillion chip giant Nvidia just gained over $100 billion in value after a blowout quarterst
Danny Riley
February 22, 2024
Follow @MrTopStep on Twitter and please share if you find our work valuable!
Every week, MrTopStep invites traders to an “Own the Close” contest where the closest guesstimate where the SPX will settle on Friday’s 4:00 cash close.
The winners get a free week's access to the MrTopStep Chat and trading tools. Enter your guess now!
Our View
You could tell the ES and NQ acted oversold early in the day. The main weakness came from the NQ that seems to have a good read on the Feds upcoming comments. The ES did have a nice Fed headline drop but the volume was so low that the ES literally went from a big sell program and running stops right back into a short covering buy program that added some late day gamma buying. It was going to be a volatile final 3 hours and it was also another Wednesday low. My guess is this rally should set up another move up into FRYday's options expiration. Its 10:45 PM and the ES made a high of 5036.00, that's 91 points off the 4959.00 day session low in less than 5 hours. Another thing, the DAX closed at an all time historical high. Like it or not, the ES did exactly what it does on every selloff, it sucked in more shorts.