NVDA Sparks New Highs Ahead of CPI – Can the Rally Stick?
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S&P, yesterday's close: Settled at 6311.00, up 11.00
NQ, yesterday's close: Settled at 23,035.50, up 76.50
E-mini S&P and E-mini NQ futures are trading at fresh record highs after NVDA CEO Jensen Huang said the company plans to resume shipments of its H20 'China chip' after the White House assured it will get approved. The news immediately boosted indices last night, and the move comes ahead of this morning's June CPI report. Expectations are for Core and headline to rise by +0.3% after each rose by +0.1% in May. Analysts see Core +3.0% y/y, up from +2.8% in May and headline +2.6% y/y, up from +2.4%. Traders also want to keep an ear out for Fed speak as the session unfolds.
E-mini S&P and E-mini NQ are trading firm, and we have updated a number of fresh resistance levels in uncharted territory, all detailed below. Previous resistance aligning with the record high will now stand as our Pivot and point of balance on the day, defining whether this momentum holds as the session takes hold. Below there, major three-star support will act as a line in the sand, defining a breakout today, and as the week unfolds, coming in at…
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