In the video above, I take a closer look at the technical picture for Nvidia ahead of its earnings release after the closing bell tomorrow.
Nvidia shares are trading higher today after buyers leaned against the key 100-day moving average yesterday and pushed the price back to the upside
That rebound was an encouraging sign for buyers, but the short-term technical picture remains more neutral. The price is currently trading between its 100- and 200-hour moving averages. Those two moving averages will help define the next directional move as traders position themselves ahead of the earnings announcement.
The broader market is showing a similar technical setup. The S&P 500, Nasdaq Composite and Nasdaq 100 are all trading higher today, but each remains caught between its respective 100- and 200-hour moving averages. That keeps the technical bias more neutral as the market ponders its next move.