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Thoughts on NVIDIA's Q2 guidance and impact on $SPX500
Considering the current $SPX500 sitting at 7499.36, I'm leaning towards a higher probability (around 60%) that we see a sustained push past the 7508.29 intra-day high and toward 7550 by month-end, assuming NVIDIA's Q2 guidance, due out later this month, continues to impress.
AI enthusiasm, particularly around data center spend, has been a significant tailwind for the broader market, and a strong outlook from NVIDIA could easily provide that extra impetus needed to clear these immediate resistance levels.
Conversely, any hint of a slowdown or more cautious outlook could see a quick retrace towards the 7438.04 support, so it's all about that AI narrative holding up.
1 comments · 1 points
It's a fair point regarding NVIDIA's potential to drive further SPX upside, given its market weight and the AI narrative. However, I'm cautious about basing a 60% probability on a single company's guidance, even one as influential as NVDA, especially with other macroeconomic factors at play. Have you considered the potential impact if their guidance is merely in line with expectations rather than an outright beat?