Chart of the Day - Wednesday, February 21, 2024

🏆 Today’s Chart of the Day was shared by John Kicklighter (@JohnKicklighter).

• Nvidia ($NVDA) surged +9% after-hours in reaction to earnings. It's trading near all-time closing highs again after correcting -8.7% in just four days.

• $NVDA has become the 3rd largest stock in S&P 500 and 4th largest in Nasdaq 100. Both indices closed flat but rallied after-hours by +0.77% and +1.33%, respectively.

• The Nasdaq ($QQQ) violated its rising trendline from the October lows earlier this week. If $NVDA can hold on to its gains tomorrow, $QQQ could get back on track. Reclaiming this broken trendline would be very bullish.

• The takeaway: If $NVDA holds this gain, it will likely pull the Nasdaq ($QQQ) off the ledge.