Market Digest: Nvidia Earnings, Key Levels, and Top Stock Picks

Summary

After a strong rally yesterday, the market is showing a neutral reaction to Nvidia's earnings, despite a beat. Key indices like the SPY and Qs are trading near the middle of their previous day's range, with the SMH leading the upside. Economic news expected today includes unemployment figures and flash services data, with lower market impact anticipated. For the SPY, maintaining above 738 is crucial for a push towards all-time highs around 744. The Qs are eyeing a break above 706 for upside potential, while the ES needs to hold 7410 to maintain a bullish bias. On the SMH, a move above 565 is key. Tesla is showing strength with higher lows building, and traders are watching for a hold above 420. Nvidia's reaction to earnings is muted so far, with patience advised for the next 10-15 minutes post-market open. AMD saw a strong break above previous day highs, with potential pullbacks to 430. Apple is a top watch, needing to break above 302 for continuation. Amazon is showing strength, with a hold above 261 being important. Overall, a patient approach is recommended for market open, waiting for clearer direction after initial price action.