Nvidia Earnings Loom as Intel Tests Support, SMCI Consolidates

SMCI Technical Analysis

Super Micro Computer is looking a little soft in pre-market trading at the moment, and it looks like it might give back some of those gains from the previous session on Wednesday. Ultimately, though, this is a market that has been consolidating between $35 on the bottom and $40 on the top recently. And it looks like, despite the fact that it might be a little negative at the open, there’s nothing on this chart that suggests we’re leaving this easily. It is just simply digesting some of the gains from previous action.

INTC Technical Analysis

Intel looks a little negative at the open. It’s possible we’re still just drifting around trying to confirm support. The 200-day EMA sits right about where the swing low was from 6 weeks ago or so, and the 61.8% Fibonacci retracement level. That in and of itself might cause technical traders to look at that area, especially considering it’s the top of a gap. Nonetheless, this is a market that looks negative to slightly neutral at the moment, very short-term.

NVDA Technical Analysis

The market for Nvidia is going to be interesting today. It looks like we’re going to open up pretty much flat, but more importantly, we get an earnings call after the bell. Earnings estimate of $2.09 billion… revenue expected to be $92.278 billion. Ultimately, this is a market bouncing off of a 50-day EMA move as well. This is probably going to be a pretty erratic market during the day if options traders start to get heavily involved, and a lot of times they will ahead of an earnings call. So just be aware of that. Ultimately, I’m bullish on Nvidia in the long term, but with the earnings call, it’s more or less a gamble.

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