Nvidia Stock Remains Supported, with Markets on Hold Today

Skerdian Meta•Wednesday, August 21, 2024•2 min read

It was another quiet day, marking what has likely been the slowest week of the year in terms of news flow, but Nvidia stock remains supported by moving averages and it is making some gains today, after the slight retreat yesterday. This lack of activity has kept market reactions muted, as traders and investors continue to wait for tomorrow’s PMI data. Today has been no exception, with the dollar stabilizing after two days of declines. The major currency pairs remain closely correlated, leaving little room for significant movement.

Later in the US session, attention will turn to the FOMC meeting minutes and the anticipated revisions to the NFP US employment figures. Until then, there may be little market activity, with traders likely holding off until tomorrow’s trading begins in earnest.

The USD/JPY remains the most volatile dollar pair, dropping to 144.92 during the Asian session before climbing back to around 146.20 as risk sentiment improved. Expectations for minimal changes to the NFP have given US equities a slight boost, with S&P 500 futures also seeing a modest increase. After an eight-day winning streak, the S&P 500 saw a minor pullback yesterday, but futures are pointing to a 0.3% recovery today.

Nvidia Chart H1 – The 20 SMA Acting As Support

Momentum continues to be a strong force in the markets, especially in the current environment driven by FOMO fever. Yesterday’s stock market performance highlighted this dynamic. While tech giants like Apple and Nvidia showed little movement, reflecting a cautious approach from traders, consumer cyclical stocks like Amazon surged, showcasing the sector’s resilience.

The technology sector is showing some slight improvement today. Advanced Micro Devices (AMD) posted a significant gain of nearly 1%, while Microsoft (MSFT) experienced a small decline of 0.10%, reflecting a generally uncertain mood in the sector. Nvidia (NVDA) also edged up by 0.3% after initially dipping by 0.10% at the market’s open.

Check out our free forex signals

Follow the top economic events on FX Leaders economic calendar

Trade better, discover more Forex Trading Strategies

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.