By ForexTime
As written in our Week Ahead article on Friday, February 16th:
“Should 18000 prove to be a tough nut to crack, this could encourage a decline back towards the 17500 higher low …”
That 18,000 psychological level was indeed a “tough nut to crack” this past Friday.
The tech-heavy NAS100 then fell from 17965.7, briefly broke below 17,500 to hit as low as 17,327.2, before rebounding.
638 index points for traders who shorted (bet prices will move lower) this tech-heavy index from peak to trough since Friday.
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The downward move ended as the NAS100 rebounded after Nvidia posted better-than-expected financial results.
As written in our article titled “Nvidia earnings preview: Moment of truth…” on Wednesday, February 21st.
“Given how Nvidia shares ended Wednesday’s session around $675, this is equivalent to a rally towards fresh all-time highs …”
Nvidia, the US chipmaker whose GPUs are essential to the AI industry, reported better-than-expected earnings after US markets closed on Wednesday.
This sent the stock soaring by more than 14% in Thursday’s early trading session (before US markets officially open).
Investors stand to gain 14% overnight
That’s if they had bought this stock yesterday (Wednesday) and hold on today, assuming the gains from the pre-market session carries over into today’s (Thursday) US market open.
Nvidia is then set to register a new all-time high today (Thursday)!
“CN50: Needs more spark post-rate cut” on Tuesday, February 20th.
The article cited the “psychologically-important round number level” of 12,000 as a potential resistance.
The CN50 index surged on Wednesday (day after this article was published) likely due to some market intervention in China.
After briefly breaking above that 12k mark, the psychologically-important level duly acted as a resistance level, as mentioned in the article.
Traders who opened long positions (bet that prices will go up) on the CN50 index on Tuesday, would have watched this index climb by as much as 430 index points the next day.
At the time of writing on Thursday (Feb 22nd), the CN50 index is still holding on to most of Wednesday’s gains, and is just hovering below that 12k TP.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
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