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Fresh Highs For S&P 500, NVDA Front & Centre

EQUITIES

Early cash equity trade remains Nvidia-centric post earnings, with the S&P 500 registering fresh all-time highs in both cash and futures.

  • NVDA briefly adds over 15% on the day (was indicated 11-12% higher pre-market), with the NASDAQ 100 contract leading the index rally as a result.
  • Nomura’s Charlie McElligott has suggested that the “short gamma” zone remains in play up to 5,100.
  • The breach of previous all-time highs will have triggered related flow for dealers.
  • ES futures trade above 5,070, with little meaningful technical resistance until the round number art 5,100.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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