S&P 500, Nasdaq 100 Near Critical Support: Nvidia's Fate to Dictate Next Direction

Stocks Analysis by Michael Kramer covering: Nasdaq 100, S&P 500, NVIDIA Corporation, Global X NASDAQ 100 Covered Call ETF. Read Michael Kramer's latest article on Investing.com

finished down by almost 60 bps to close at 5,022. The index is nearing that all-important 5,000 big gamma level heading into Friday’s OPEX. That level can offer support at least through Friday; a break of that level before Friday would change the dynamics of the market.

Yesterday, we saw NVIDIA testing and nearly breaking support at $850. That is a significant level because if it goes, the entire market will follow. But right now, it is up almost 70% on the year, so I’d guess that if Nvidia fell to $670 and was up only half as much, it would probably mean that Nvidia would account for 50 points in the S&P 500 and instead of the S&P 500 being up 252 points it might be up 202. Meanwhile, one would think that if Nvidia goes, the other Fab4 would likely go too, and the fact is that the Fab4 represents 80% of the gains so far this year in the S&P 500.

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