Last night, NVIDIA (NVDA) reported strong earnings, exceeding expectations. However, market reaction was subdued as this performance seemed to be already priced in. On Thursday, U.S. equities overcame early losses, closing higher amid renewed optimism regarding a potential U.S.-Iran deal.
The Nasdaq 100 Index (QQQ) recorded an impressive two-month gain of approximately 30% since late March. While bullish sentiments persist, some leading stocks like Micron (MU) and SanDisk (SNDK) have reached extreme Fibonacci levels, indicating possible market saturation. In contrast, stocks such as Cipher Mining (CIFR) are still forming bullish patterns but have not yet broken out.
Investor sentiment remains mixed, with bearish sentiments currently outweighing bullish ones, per the AAII Investor Sentiment Survey. Historical trends suggest equities often pause leading up to midterm elections, and with the S&P 500 already up over 25% during this term, a market slowdown wouldn’t be surprising as incoming Fed Chair Kevin Warsh is expected to maintain interest rates amid elevated oil prices.
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