CHART OF THE DAY: NVDA "Needs to Work" For Old Wall

08/07/24 07:46AM EDT

Below is our "Chart of the Day" and a brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

The most obvious example of “what needs to work” to stop the bleeding is NVDA. Here’s The Setup:

A) NVDA closed at $104 and has a widening Risk Range™ Signal of $97-115
B) NVDA’s intermediate-term TREND Signal Level of resistance = $111

So… if I was part of the club that tries to move markets in the direction that they get paid on super-short-term Call Options contracts, I’d put up a LOT of capital to push NVDA back above $111.

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