NVDA pull-back before Q2? Assessing the $900 retest
Considering the recent run-up in $NVDA, I'm leaning towards a higher probability of a retest of the $900 level before we hit Q2 earnings, say by mid-August. We've seen significant consolidation around these higher levels, but the broader market's recent indecision and the upcoming cooling period for general tech sentiment could provide the necessary catalyst. My rough odds for this scenario are about 65%. While the long-term AI narrative remains strong, a tactical pull-back isn't out of the question as early investors look to book some profits. I wouldn't call it a full reversal, but more of a healthy correction to consolidate gains before the next leg up, assuming Q2 results continue to impress. Any unexpected macro headwinds, of course, would increase those odds considerably.