$NQ: Not a 1-way bet
On the eve of 
NVDA earnings report, it is interesting to note the NNQ price volume support has turned into overhead resistance as the NNQ struggles against the 0.786x retracement level and higher interest rates.
The correction in 2022 was all about higher interest rates choking off growth and lowering implied equity premium to above +1x standard deviation. Now that the 10-yr rate has broken out of consolidation and 5% looks within reach, is the second half of 2023 going to any different from 2022?
Having said that,NVDA earnings and US government deficit spending might just send the NNQ on a 0TDE rocket ship ride to the moon.
Not really a hero trade territory as both outcomes are likely to be binary and violent. 2 key levels to watch: 14450 for the bears and 15250 for the bulls.
Happy hunting and stay safe!
NVDA earnings report, it is interesting to note the NNQ price volume support has turned into overhead resistance as the NNQ struggles against the 0.786x retracement level and higher interest rates. The correction in 2022 was all about higher interest rates choking off growth and lowering implied equity premium to above +1x standard deviation. Now that the 10-yr rate has broken out of consolidation and 5% looks within reach, is the second half of 2023 going to any different from 2022?
Having said that,
NVDA earnings and US government deficit spending might just send the NNQ on a 0TDE rocket ship ride to the moon. Not really a hero trade territory as both outcomes are likely to be binary and violent. 2 key levels to watch: 14450 for the bears and 15250 for the bulls.
Happy hunting and stay safe!
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