Nvidia Bulls Look Exhausted Before Earnings. Watch This Stock Level.

Hotly-anticipated Nvidia earnings due late Wednesday are dominating investor attention—and for good reason. With expectations sky-high, one analyst says the stock has exhibited a bearish vulnerability that has implications for the wider market.

Nvidia’s last results, released in May, were outstanding, proving that AI was much bigger than many investors thought, ushering in a near one-third gain in the stock price in the subsequent days and sending positive ripples across the market. Nevertheless, “Nvidia now faces a higher bar of overcoming such highly optimistic expectations than before during the prior May 2023 earnings release,” Wong noted. “Any minuscule disappointment in Q2 earnings numbers and or outlook trend is likely to trigger a significant negative feedback loop in the share price of Nvidia that may jeopardize the current bullish trend of the Nasdaq 100.”

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