Benzinga - by Thrash Capital, Benzinga Contributor. Let’s discuss Nasdaq Futures levels to watch and the events surrounding the potential price action. Last week the Nasdaqs’ June 26th low (around 14850) was critical support for the tech-heavy sector. That same level broke on Thursday afternoon and has not recovered. The following areas of support we’re watching are 14400 (the 100-Day Moving Average and 14250 (May/Early June lows), respectively, and they are must-holds for bulls.
Nvidia’s (NASDAQ: NVDA) earnings Wednesday after the bell could be the deciding factor at that key level of support following Nasdaq futures’ 2-3 percent move this week. Last quarter analysts expected guidance of $7.72 billion, and the company is currently expecting 11 billion in revenue for this current quarter. With that number, there is a considerable amount of pressure on Nvidia to deliver on Wednesday. If the stock rallies, there is a chance for the Nasdaq to retest levels as high as 14850. Previously, we mentioned a support of 15000, and coincidentally that is where the 9-exponential moving average currently resides. Let us know what you think about these levels and Nvidia earnings this week. If you are on Twitter, now known as “X,” feel free to follow @ThrashCapital for more content!
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