I know many people expect the market to rally after the election, and it may, given that we’ll likely see an IV crush as the event risk passes—something we see regularly, however, where the market heads between now and year-end will likely rest again in Nvidia's (NASDAQ:Nvidia alone accounts for 26% of the gains this year in the Bloomberg 500, a proxy for the S&P 500.
All of these stocks are performing well due to the AI trade, so let’s face the facts: these six stocks make up just under 50% of the index’s gains this year. Take away Nvidia, and you take away the AI trade—and with it, nearly half of the index’s gains., with Nvidia accounting for 38% of the gains and the top 5 stocks making up almost 78% of the gains.At this point, Nvidia has gone basically nowhere since July, which is why the NASDAQ and the S&P 500 have largely stalled as well.
The break of the rising wedge looks quite impressive, and the put wall at 5,700 seemed to be enough to hold things together. However, given the current look of the technical charts, a drop to 5,600 doesn’t seem out of the question.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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