Nvidia reported earnings on Wednesday:
- A beat in terms of 2Q Revenue
- A beat in terms of 2Q Data Center Revenue
- Sees 3Q Revenue growth
- Approved additional 50 Billion stock buyback
They reported good earnings, but not great earnings. So despite the good earnings call, Nvidia closed 6.38% lower on Thursday.
Both the S & P and the Nasdaq remained in consolidation.
The Dow Jones also remained in consolidation but did print a new all-time high.
If Nvidia delivers bearish follow through that could drag the rest of the market down with it. However, stocks are still in a daily uptrend. If Nvidia can recover the 50 day MA, then this was likely a profit taking event and we will look for stocks to break bullishly out of consolidation.
Cycle Trading 
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