NVIDIA Holds 200-Day Moving Average as QQQ Volume Surges 54%
NVIDIA shares held their 200-day moving average on Monday for the first time since last year’s bear low, supported by a Nasdaq-100 ETF (QQQ) volume spike of 54% above average. Concurrently, oil futures plunged from $120 to under $90, fueling a 1%+ rally across major indices.
1. Market Rebound and Volume
Major equity benchmarks rallied more than 1% on Monday as geopolitical tensions eased and oil futures reversed from $120 to below $90. The Nasdaq-100 ETF (QQQ) saw turnover 54% above its 50-day average, signaling institutional accumulation in technology names.
2. NVIDIA Technical Support
NVIDIA shares tested and held their 200-day moving average for the first time since last year’s market low. This defense of a key trend indicator suggests renewed confidence among long-term investors and technical traders.
3. Contrarian Sentiment Indicator
The Fear & Greed gauge reached its highest fear reading of the year, a level that has historically marked buying opportunities in tech stocks. Elevated bearish sentiment often precedes intermediate rallies, providing a tailwind for names like NVIDIA.