Market Update S&P Levels Nvidia Bitcoin at 100K Gold Resistance and Natural Gas Moves | November 21, 2024
The S&P 500 is holding strong after Nvidia’s earnings caused some initial drops. Overnight, the market bounced back as investors realized Nvidia’s results weren’t bad, just not as exciting as expected. Right now, the S&P is sitting at a key level where gaps in the chart from yesterday have been filled. If it pushes higher, it could target 6,100, but if it struggles, we might see a pullback. It’s a moment to watch closely.
Nvidia’s stock has been wild since its earnings came out. It dropped hard, then shot back up pre-market. It’s now near important resistance levels at $151-$152, with a big ceiling around $158-$160. These areas will likely slow it down unless there’s a lot of momentum. Traders should be cautious if the price starts to show signs of stalling here, but dips near $148 could be good short-term buy opportunities.
Bitcoin is testing the $100,000 mark, a huge psychological barrier. When prices get close to big round numbers like this, they tend to pull investors and trigger activity. It’s likely Bitcoin hits $101K or even $103K before taking a breather. A pullback to $95K-$98K could follow as people take profits or get shaken out. For now, breaking $100K will be a big deal.
Gold is climbing, and it’s close to the middle of its channel. This area has acted as resistance before, so it’s worth watching for a possible slowdown around $2,685. If you’re holding miners or gold-related positions, this could be a smart spot to take some profits. There’s always a chance to re-enter on a pullback.
Snowflake is up big after earnings, with gains around 20%-30%. It’s heading toward resistance at $169-$173, where a pullback is more likely. Chasing it now isn’t a great idea, but if it gets rejected near these levels, it could open up a short-term shorting opportunity.
Palo Alto Networks hasn’t moved much since its earnings. There’s not enough volatility to make it worth trading right now, but if it falls toward $345, it might become more interesting.
Natural gas finally hit its key resistance zone after weeks of consolidation. This is a great spot to consider shorting, with clear levels to manage risk. A pullback to $3.50-$3.60 seems reasonable.
Overall, the markets are moving past Nvidia’s earnings and finding some stability. The S&P is testing critical levels, Bitcoin is flirting with $100K, and gold and natural gas are nearing resistance. Stay patient and watch these zones for the best opportunities today.
