{"id":68994,"date":"2024-05-26T00:14:29","date_gmt":"2024-05-26T07:14:29","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=68994"},"modified":"2024-05-28T07:22:34","modified_gmt":"2024-05-28T14:22:34","slug":"did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/","title":{"rendered":"Did NVIDIA&#8217;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? &#8211; The Market Breadth"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Stock Market Commentary<\/strong><\/h2>\n\n\n\n<p>I looked to last week&#8217;s earnings from NVIDIA Corporation (NVDA) with great anticipation. The indices gathered momentum with <a href=\"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/18\/index-all-time-highs-prime-pump-for-nvda-earnings-the-market-breadth\/\">all-time highs and seemed to point to a big moment for NVDA<\/a>. NVDA did indeed have a big moment, but it helped precious few. In fact, NVDA&#8217;s gain looked like a net loss. Buyer&#8217;s exhaustion appeared in the form of pullbacks in all three indices that I watch closely. Market breadth also fell sharply and exposed the weakness that comes with narrowing participation in a rally. NVDA apparently sucked the oxygen out the room as it soared to new heights. The entire scene was surreal. <\/p>\n\n\n\n<p>So did NVDA&#8217;s surge to all-time highs trigger stock market exhaustion? Yes and no. Thursday&#8217;s trading action definitely said &#8220;yes&#8221;. A big tech rebound on Friday supplied a fresh supply of fuel for the NASDAQ. However, since I use market breadth as a primary indicator of market health, I think the month is ending with overall market exhaustion. An on-going rally in big-cap tech could hide the weakness for a few more weeks&#8230;<\/p>\n\n\n\n<br><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-1196033822186410\" data-ad-slot=\"3478942445\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><br>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Stock Market Indices<\/strong><\/h2>\n\n\n\n<p>The S&amp;P 500 (SPY) experienced a rare week. The index essentially came to a dead stop. The flat week (+.03%) stood in stark contrast to the big surge for NVDA. In fact, exhaustion seemed to set in for the S&amp;P 500 as it LOST 0.7% while NVDA surged 9.3%. The divergence felt and looked surreal. The small rebound on Friday made a slight dent in the bearish engulfing pattern formed by Thursday&#8217;s anti-NVDA move. My SPY call for the week dissolved, and my call spread for next week will likely suffer a similar fate. Those components of my anticipation of good tidings from NVDA fell apart.<\/p>\n\n\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-SP-500-SPY.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1613\" height=\"797\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-SP-500-SPY.png\" alt=\"The S&amp;P 500 (SPY) stabilized as it stood above the 50DMA, fighting exhaustion from a bearish engulfing top after an all-time high.\" class=\"wp-image-68977\" style=\"aspect-ratio:2.0047732696897373;width:812px;height:auto\" title=\"S&amp;P 500 (SPY)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-SP-500-SPY.png 1613w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-SP-500-SPY-768x379.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-SP-500-SPY-1536x759.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-SP-500-SPY-1320x652.png 1320w\" sizes=\"auto, (max-width: 1613px) 100vw, 1613px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>The S&amp;P 500 (SPY) stabilized as it stood above the 50DMA, fighting exhaustion from a bearish engulfing top after an all-time high.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-5e6b19ed wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/drduru.com\/onetwentytwo\/subscribe-free\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:#0693e3\" class=\"has-inline-color has-white-color\">Join the One-Twenty Two Mailing List for Free<\/mark><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>The NASDAQ (COMPQ) experienced an even more dramatic divergence from NVDA. The tech laden index gapped up for a 1.2% gain only to lose 0.4% on the day. The move almost looked like a classic blow-off top, especially given NVDA&#8217;s relatively strong close. However, the NASDAQ managed to rebound on Friday with a healthy 1.1% gain and a new all-time closing high. With a 1.4% gain for the week, the NASDAQ looks poised to continue rallying. If you look closely at the chart below, you can see a subtle uptrend still intact. I am looking to get back into QQQ call options in the coming week to ride this slight upward before exhaustion descends upon tech as well. {May 28 correction: I actually already owned a weekly calendar call spread, so I am not looking to get into a new\/additional position just yet}<\/p>\n\n\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-NASDAQ-COMPQ.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1609\" height=\"796\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-NASDAQ-COMPQ.png\" alt=\"While the NASDAQ (COMPQ) reversed despite NVDA's all-time high, it came back the next day with a new closing all-time high.\" class=\"wp-image-68978\" style=\"aspect-ratio:2;width:836px;height:auto\" title=\"NASDAQ (COMPQ)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-NASDAQ-COMPQ.png 1609w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-NASDAQ-COMPQ-768x380.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-NASDAQ-COMPQ-1536x760.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-NASDAQ-COMPQ-1320x653.png 1320w\" sizes=\"auto, (max-width: 1609px) 100vw, 1609px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>While the NASDAQ (COMPQ) reversed despite NVDA&#8217;s all-time high, it came back the next day with a new closing all-time high.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>The iShares Russell 2000 ETF (IWM) frequently looks like it is suffering from exhaustion. IWM greeted the NVDA news with a sharp loss of 1.6% that even tested support at the 50-day moving average (DMA) (the read line below). Buyers returned on Friday to defend support with a 1.1% gain. IWM even closed above its uptrending 20DMA (the dashed line below). Still, IWM failed at resistance from its high of the year and looks rangebound until proven otherwise. I go into the coming week with longshot IWM call options at the $209 strike.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iShares-Russell-2000-ETF-IWM.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1611\" height=\"796\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iShares-Russell-2000-ETF-IWM.png\" alt=\"The iShares Russell 2000 ETF (IWM) confirmed 50DMA support as it failed to break down below the 50DMA.\" class=\"wp-image-68979\" style=\"aspect-ratio:1.995249406175772;width:840px;height:auto\" title=\"iShares Russell 2000 ETF (IWM)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iShares-Russell-2000-ETF-IWM.png 1611w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iShares-Russell-2000-ETF-IWM-768x379.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iShares-Russell-2000-ETF-IWM-1536x759.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iShares-Russell-2000-ETF-IWM-1320x652.png 1320w\" sizes=\"auto, (max-width: 1611px) 100vw, 1611px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>The iShares Russell 2000 ETF (IWM) confirmed 50DMA support as it failed to break down below the 50DMA.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong>The Short-Term Trading Call With An NVIDIA Post-Earnings Exhaustion<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>AT50<\/strong> (MMFI) = 51.3% of stocks are trading above their respective 50-day moving averages<\/li>\n\n\n\n<li><strong>AT200<\/strong> (MMTH) = 59.2% of stocks are trading above their respective 200-day moving averages<\/li>\n\n\n\n<li><strong>Short-term Trading Call<\/strong>: cautiously bullish<\/li>\n<\/ul>\n\n\n\n<p>AT50 (MMFI), the percentage of stocks trading above their respective 50DMAs, closed the week at 51.3%. My favorite technical indicator suffered a dramatic pullback in the wake of NVDA&#8217;s big day. AT50 fell 8 percentage points and closed below 50% on Thursday in a clear sign of exhaustion for market breadth. The small rebound on Friday did nothing to change the tenor of the exhaustion. Moreover, AT200 (MMTH), the percentage of stocks trading above their respective 200DMAs, suffered an important setback. This indicator of the longer-term health of market breadth tested and failed resistance from the highs of the year. It closed the week right in the middle of the overall trading range that has dominated trading in 2024.<\/p>\n\n\n\n<p>On balance, the exhaustion in market breadth should prepare me to get bearish. Yet, AT50  did not get close enough to the overbought threshold for me to get bearish on the fade. I am left with keeping my short-term trading call at cautiously bullish by default. The NASDAQ&#8217;s strong rebound on Friday helps stave off the bearish case for now. Still, I am VERY wary&#8230;.especially with the volatility index, the VIX, fighting to hold the recent lows as a bottom.<\/p>\n\n\n\n<p>NVIDIA Corporation (NVDA) was the star of the week that I expected. However, the star failed to shine across the stock market. NVDA&#8217;s gains almost seemed to drain money away from other stocks. If not for the NASDAQ&#8217;s rebound on Friday, I would have concluded the market suffered a major and topping bout of exhaustion. While I benefited from a low risk options pre-earnings options setup on NVDA along with an SMH call spread, I could barely enjoy the wins because of hits elsewhere.<\/p>\n\n\n\n<p>Anyway, the chart below shows the technical clinic that is NVDA. The post-earnings breakout is definitive, bullish, and brought a 2-month topping pattern to conclusive end. (Technicians will see the bullish flag left behind by the breakout). The company solidified this breakout by <a href=\"https:\/\/nvidianews.nvidia.com\/news\/nvidia-announces-financial-results-for-first-quarter-fiscal-2025\">announcing a 10:1 stock split<\/a> that helps to prop up sentiment even though it means nothing except making it easier for retail traders to speculate in NVDA options.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1480\" height=\"836\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/20240524_NVDA-NVIDIA-Corporation.png\" alt=\"NVIDIA Corporation (NVDA) finally invalidated an extended topping pattern with a convincing post-earnings breakout to all-time highs.\" class=\"wp-image-68996\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/20240524_NVDA-NVIDIA-Corporation.png 1480w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/20240524_NVDA-NVIDIA-Corporation-768x434.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/20240524_NVDA-NVIDIA-Corporation-1320x746.png 1320w\" sizes=\"auto, (max-width: 1480px) 100vw, 1480px\" \/><figcaption class=\"wp-element-caption\"><strong><em>NVIDIA Corporation (NVDA) finally invalidated an extended topping pattern with a convincing post-earnings breakout to all-time highs.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>No exhaustion for e.l.f. Beauty, Inc (ELF). The stock surged 18.7% post-earnings the same day NVDA enjoyed a buyers&#8217; celebration. The buying continued on Friday and confirmed the 50DMA breakout. ELF is bullish again.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-ELF-Beauty-Inc-ELF.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1610\" height=\"796\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-ELF-Beauty-Inc-ELF.png\" alt=\"ELF Beauty Inc (ELF) broke out above the 50DMA after a 18.7% post-earnings rise.\" class=\"wp-image-68982\" style=\"width:840px;height:auto\" title=\"ELF Beauty Inc (ELF)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-ELF-Beauty-Inc-ELF.png 1610w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-ELF-Beauty-Inc-ELF-768x380.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-ELF-Beauty-Inc-ELF-1536x759.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-ELF-Beauty-Inc-ELF-1320x653.png 1320w\" sizes=\"auto, (max-width: 1610px) 100vw, 1610px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>ELF Beauty Inc (ELF) broke out above the 50DMA after a 18.7% post-earnings rise.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>The Cheesecake Factory Incorporated (CAKE) broke down into exhaustion after a sharp 5-day post-earnings ascension. I bought into the pullback a little early. I am now looking into adding call options based on what looks like a successful test of uptrending 20DMA support.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Cheesecake-Factory-Inc-CAKE.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1613\" height=\"795\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Cheesecake-Factory-Inc-CAKE.png\" alt=\"Cheesecake Factory Inc (CAKE) almost completely reversed its post earnings surge before confirming 20DMA support.\" class=\"wp-image-68981\" style=\"width:840px;height:auto\" title=\"Cheesecake Factory Inc (CAKE)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Cheesecake-Factory-Inc-CAKE.png 1613w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Cheesecake-Factory-Inc-CAKE-768x379.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Cheesecake-Factory-Inc-CAKE-1536x757.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Cheesecake-Factory-Inc-CAKE-1320x651.png 1320w\" sizes=\"auto, (max-width: 1613px) 100vw, 1613px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>Cheesecake Factory Inc (CAKE) almost completely reversed its post earnings surge before confirming 20DMA support.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p><a href=\"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/04\/cramer-bottom-for-starbucks\/\">The Cramer bottom for Starbucks<\/a> (SBUX) worked out much faster than I could have expected. I rode the rebound until Thursday&#8217;s pullback. The stock still looks good with the 20DMA breakout, but I decided not to press my luck or get greedy. Ultimately, SBUX has to face down a tough test with its declining 50DMA resistance.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Starbucks-Corp-SBUX.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1607\" height=\"794\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Starbucks-Corp-SBUX.png\" alt=\"Starbucks Corp (SBUX) has been rising since a 15% post-earnings hit exorcised Jim Cramer. A 20DMA breakout awaits confirmation.\" class=\"wp-image-68983\" style=\"width:840px;height:auto\" title=\"Starbucks Corp (SBUX)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Starbucks-Corp-SBUX.png 1607w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Starbucks-Corp-SBUX-768x379.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Starbucks-Corp-SBUX-1536x759.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Starbucks-Corp-SBUX-1320x652.png 1320w\" sizes=\"auto, (max-width: 1607px) 100vw, 1607px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>Starbucks Corp (SBUX) has been rising since a 15% post-earnings hit exorcised Jim Cramer. A 20DMA breakout awaits confirmation.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>McDonalds Corporation (MCD) has suffered from exhaustion since its last high in January. On Thursday, MCD lost 3.0% and closed at a new low for the year. The fast food restaurant is <a href=\"https:\/\/www.cnbc.com\/2024\/05\/15\/mcdonalds-5-value-meal-starts-june-25-last-about-a-month.html\">scrambling to win back lower income consumers<\/a> who are apparently increasingly rejecting inflation at restaurants. However, MCD&#8217;s solution, a reported $5 value meal, will only last a month. Moreover, <a href=\"https:\/\/www.today.com\/food\/news\/fast-food-wars-wendys-mcdonalds-value-meals-rcna153703\">competitors like Wendy&#8217;s are stepping up to the challenge of a price war<\/a>. These kind of market dynamics point toward lower and lower margins&#8230;and stock prices.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-McDonalds-Corp-MCD.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1608\" height=\"796\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-McDonalds-Corp-MCD.png\" alt=\"McDonald's Corp (MCD) broke down below the 20DMA and the lower bollinger band, setting a new low for the year.\" class=\"wp-image-68984\" style=\"width:840px;height:auto\" title=\"McDonald's Corp (MCD)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-McDonalds-Corp-MCD.png 1608w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-McDonalds-Corp-MCD-768x380.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-McDonalds-Corp-MCD-1536x760.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-McDonalds-Corp-MCD-1320x653.png 1320w\" sizes=\"auto, (max-width: 1608px) 100vw, 1608px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>McDonald&#8217;s Corp (MCD) broke down below the 20DMA and the lower bollinger band, setting a new low for the year.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>Target Corporation (TGT) is also struggling with inflation-weary consumers. Ahead of earnings, the company announced <a href=\"https:\/\/www.cnbc.com\/2024\/05\/20\/target-lowering-prices-on-5000-frequently-bought-items.html\">price cuts on 5000 items<\/a>, mostly in grocery and staples. The news actually presaged a poorly received earnings report. TGT gapped down and lost 8% after reporting earnings. Given margin pressures, I doubt the current rebound will last much longer. Gains from March earnings are now gone. I will not be surprised to see TGT lose much of its gains from November earnings.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Target-Corp-TGT.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1610\" height=\"791\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Target-Corp-TGT.png\" alt=\"Target Corp (TGT) broke down below its lower BB after an 8% post-earnings loss, at one point reversing gains since February.\" class=\"wp-image-68986\" style=\"aspect-ratio:1.9858156028368794;width:840px;height:auto\" title=\"Target Corp (TGT)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Target-Corp-TGT.png 1610w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Target-Corp-TGT-768x377.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Target-Corp-TGT-1536x755.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Target-Corp-TGT-1320x649.png 1320w\" sizes=\"auto, (max-width: 1610px) 100vw, 1610px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>Target Corp (TGT) broke down below its lower BB after an 8% post-earnings loss, at one point reversing gains since February.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>Walmart, Inc (WMT) contrasts with TGT. WMT surged 7% post-earnings to an all-time high and has continued to rally ever since. WMT is perhaps best positioned to navigate inflationary cost inputs. If its big win against Target presages anything, I foresee  WMT eating yet more business from smaller retailers who cannot afford to absorb inflationary pressures like Walmart can.<\/p>\n\n\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Walmart-Inc-WMT.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1612\" height=\"793\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Walmart-Inc-WMT.png\" alt=\"Walmart Inc (WMT) continues to rally after a 7% post-earnings breakout above the 20DMA and 50DMA.\" class=\"wp-image-68985\" style=\"width:840px;height:auto\" title=\"Walmart Inc (WMT)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Walmart-Inc-WMT.png 1612w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Walmart-Inc-WMT-768x378.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Walmart-Inc-WMT-1536x756.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Walmart-Inc-WMT-1320x649.png 1320w\" sizes=\"auto, (max-width: 1612px) 100vw, 1612px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>Walmart Inc (WMT) continues to rally after a 7% post-earnings breakout above the 20DMA and 50DMA.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>So far, so good with <a href=\"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/05\/not-so-simple-after-apple-buyquake-powers-market-through-failed-test-the-market-breadth\/\">my rebound play on Sprout Social, Inc<\/a> (SPT). Per the trading strategy explained in &#8220;<a href=\"https:\/\/drduru.com\/onetwentytwo\/2015\/12\/16\/anatomy-of-a-bottom-do-not-argue-with-sellers-celebrate-with-buyers\/\">Anatomy of A Bottom: Do Not Argue With Sellers \u2013 Celebrate With Buyers<\/a>&#8220;, I jumped into the stock after the first day of buying strength. The stock now faces a critical test at sharply downtrending 20DMA resistance. I am looking for an all-clear from a close above the intraday post-earnings high set on the day the stock gapped down for a 40% post-earnings loss. (I do not know why SPT suddenly surged one day the previous week).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Sprout-Social-Inc-SPT.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1610\" height=\"794\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Sprout-Social-Inc-SPT.png\" alt=\"Sprout Social Inc (SPT) fell by 40% post-earnings and has been on a slow, steady rise since the start of May.\" class=\"wp-image-68987\" style=\"width:840px;height:auto\" title=\"Sprout Social Inc (SPT)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Sprout-Social-Inc-SPT.png 1610w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Sprout-Social-Inc-SPT-768x379.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Sprout-Social-Inc-SPT-1536x758.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-Sprout-Social-Inc-SPT-1320x651.png 1320w\" sizes=\"auto, (max-width: 1610px) 100vw, 1610px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>Sprout Social Inc (SPT) fell by 40% post-earnings and has been on a slow, steady rise since the start of May.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>iRobot Corporation (IRBT) suffered mightily after Amazon.com&#8217;s (AMZN) proposed acquisition of the company failed anti-trust scrutiny. I guess the Department of Justice prefers to see the company to go bankrupt. Or maybe IRBT might just figure things out. The stock confirmed a 50DMA breakout on a 21.0% post-earnings surge. <a href=\"https:\/\/www.prnewswire.com\/news-releases\/irobot-names-gary-cohen-as-new-chief-executive-officer-302138536.html\">The company also announced a new CEO<\/a>, news which gave the stock a turbo boost of fresh optimism. IRBT is now cooling off and staring down a test of the 50DMA as support. I am a buyer on a successful test.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iRobot-Corp-IRBT.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1608\" height=\"794\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iRobot-Corp-IRBT.png\" alt=\"iRobot Corp (IRBT) is reversing gains starting with a 21% post-earnings pop. Can the 50DMA support halt the slide?\" class=\"wp-image-68988\" style=\"width:840px;height:auto\" title=\"iRobot Corp (IRBT)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iRobot-Corp-IRBT.png 1608w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iRobot-Corp-IRBT-768x379.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iRobot-Corp-IRBT-1536x758.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-iRobot-Corp-IRBT-1320x652.png 1320w\" sizes=\"auto, (max-width: 1608px) 100vw, 1608px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>iRobot Corp (IRBT) is reversing gains starting with a 21% post-earnings pop. Can the 50DMA support halt the slide?<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1611\" height=\"795\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png\" alt=\"AT50 (MMFI) reversed almost half its gains from May after falling short of the overbought threshold.\" class=\"wp-image-68991\" style=\"aspect-ratio:1.9858156028368794;width:840px;height:auto\" title=\"AT50 (MMFI)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png 1611w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI-768x379.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI-1536x758.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI-1320x651.png 1320w\" sizes=\"auto, (max-width: 1611px) 100vw, 1611px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>AT50 (MMFI) reversed almost half its gains from May after falling short of the overbought threshold.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT200-MMTH.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1609\" height=\"796\" src=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT200-MMTH.png\" alt=\"AT200 (MMTH) tested highs of the year before exhaustion sent it into a reversal.\" class=\"wp-image-68992\" style=\"width:840px;height:auto\" title=\"AT200 (MMTH)\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT200-MMTH.png 1609w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT200-MMTH-768x380.png 768w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT200-MMTH-1536x760.png 1536w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT200-MMTH-1320x653.png 1320w\" sizes=\"auto, (max-width: 1609px) 100vw, 1609px\" \/><\/a><figcaption class=\"wp-element-caption\"><strong><em>AT200 (MMTH) tested highs of the year before exhaustion sent it into a reversal.<\/em><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p>Be careful out there!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"footnotes\"><strong>Footnotes<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/drduru.com\/onetwentytwo\/subscribe-free\/\" target=\"_blank\" rel=\"noreferrer noopener\">Subscribe for free<\/a> to get email notifications of future posts!<\/p>\n\n\n\n<p>&#8220;Above the 50&#8221; (AT50) uses the percentage of stocks trading above their respective 50-day moving averages (DMAs) to measure breadth in the stock market. Breadth defines the distribution of participation in a rally or sell-off. As a result, AT50 identifies extremes in market sentiment that are likely to reverse. Above the 50 is my alternative name for &#8220;MMFI&#8221; which is a symbol TradingView.com and other chart vendors use for this breadth indicator. Learn more about AT50 on my <a href=\"https:\/\/drduru.com\/onetwentytwo\/about\/t2108-resource-page\/\">Market Breadth Resource Page<\/a>. AT200, or MMTH, measures the percentage of stocks trading above their respective 200DMAs.<\/p>\n\n\n\n<p><strong><strong><strong><strong>Active AT50 (MMFI) periods:<\/strong><\/strong> <\/strong><\/strong>Day #122 over 20%, Day #21 over 30%, Day #12 over 40%, Day #10 over 50%, Day #3 over 60% (overperiod), Day #89 under 70% (underperiod)<\/p>\n\n\n\n<p>Source for charts unless otherwise noted: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>TradingView.com<\/strong><\/a><\/p>\n\n\n\n<p><strong>Full disclosure:<\/strong> long IWM calls, long SPY call spread, long SPT, long CAKE calls, long QQQ calendar call spread<\/p>\n\n\n\n<p><strong>FOLLOW Dr. Duru&#8217;s commentary on financial markets via <a href=\"https:\/\/stocktwits.com\/DrDuru\" target=\"_blank\" rel=\"noreferrer noopener\">StockTwits<\/a>, <a href=\"https:\/\/twitter.com\/DrDuru\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a>, and even <a href=\"https:\/\/www.instagram.com\/drduru_market_breadth\/\" target=\"_blank\" rel=\"noreferrer noopener\">Instagram<\/a>!<\/strong><\/p>\n\n\n\n<p>*Charting notes: Stock prices are not adjusted for dividends. Candlestick charts use hollow bodies: open candles indicate a close higher than the open, filled candles indicate an open higher than the close.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock Market Commentary I looked to last week&#8217;s earnings from NVIDIA Corporation (NVDA) with great anticipation. The indices gathered momentum with all-time highs and seemed to point to a big moment for NVDA. NVDA did indeed have a big moment, but it helped precious few. In fact, NVDA&#8217;s gain looked like a net loss. Buyer&#8217;s &#8230; <a title=\"Did NVIDIA&#8217;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? &#8211; The Market Breadth\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":68991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[584,483,482,220,1129,219,512,338,796,511,62],"tags":[1152,1820,2832,1807,2201,3489,3487,3488,3490,2218,909,1413,3329,413,1812,65,486,3479,3477,362,485,2391,1890,2838,3090,1177],"class_list":["post-68994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bollinger-band","category-breakdown","category-breakout","category-earnings","category-food-retail","category-high-tech","category-resistance","category-retail","category-semiconductors","category-support","category-technical-analysis","tag-all-time-high","tag-at200","tag-at50","tag-cake","tag-compq","tag-e-l-f-beauty-inc","tag-elf","tag-irbt","tag-irobot-corporation","tag-ishares-russell-2000-etf","tag-iwm","tag-mcd","tag-mcdonalds-corporation","tag-nasdaq","tag-nvda","tag-sp-500","tag-sbux","tag-sprout-social-inc","tag-spt","tag-spy","tag-starbucks","tag-target-corporation","tag-tgt","tag-the-cheesecake-factory-incorporated","tag-walmart-inc","tag-wmt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Did NVIDIA&#039;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? - The Market Breadth - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"description\" content=\"NVIDIA&#039;s earnings seemed to drain buying power in the rest of the stock market. The resulting exhaustion damaged market breadth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did NVIDIA&#039;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? - The Market Breadth\" \/>\n<meta property=\"og:description\" content=\"NVIDIA&#039;s earnings seemed to drain buying power in the rest of the stock market. The resulting exhaustion damaged market breadth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/\" \/>\n<meta property=\"og:site_name\" content=\"ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-26T07:14:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-28T14:22:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1611\" \/>\n\t<meta property=\"og:image:height\" content=\"795\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Dr. Duru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Did NVIDIA&#039;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? - The Market Breadth\" \/>\n<meta name=\"twitter:description\" content=\"NVIDIA&#039;s earnings seemed to drain buying power in the rest of the stock market. The resulting exhaustion damaged market breadth.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png\" \/>\n<meta name=\"twitter:creator\" content=\"@drduru\" \/>\n<meta name=\"twitter:site\" content=\"@drduru\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dr. Duru\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/\"},\"author\":{\"name\":\"Dr. Duru\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\"},\"headline\":\"Did NVIDIA&#8217;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? &#8211; The Market Breadth\",\"datePublished\":\"2024-05-26T07:14:29+00:00\",\"dateModified\":\"2024-05-28T14:22:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/\"},\"wordCount\":1930,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\"},\"image\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/052524-AT50-MMFI.png\",\"keywords\":[\"all-time high\",\"AT200\",\"AT50\",\"CAKE\",\"COMPQ\",\"e.l.f. Beauty Inc\",\"ELF\",\"IRBT\",\"iRobot Corporation\",\"iShares Russell 2000 ETF\",\"IWM\",\"MCD\",\"McDonalds Corporation\",\"NASDAQ\",\"NVDA\",\"S&amp;P 500\",\"SBUX\",\"Sprout Social Inc\",\"SPT\",\"SPY\",\"Starbucks\",\"Target Corporation\",\"TGT\",\"The Cheesecake Factory Incorporated\",\"Walmart Inc\",\"WMT\"],\"articleSection\":[\"Bollinger Band\",\"Breakdown\",\"Breakout\",\"Earnings\",\"Food\",\"High Tech\",\"Resistance\",\"Retail\",\"Semiconductors\",\"Support\",\"Technical Analysis\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/\",\"url\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/\",\"name\":\"Did NVIDIA's Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? - The Market Breadth - ONE-TWENTY TWO: Trading Financial Markets\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/052524-AT50-MMFI.png\",\"datePublished\":\"2024-05-26T07:14:29+00:00\",\"dateModified\":\"2024-05-28T14:22:34+00:00\",\"description\":\"NVIDIA's earnings seemed to drain buying power in the rest of the stock market. The resulting exhaustion damaged market breadth.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/#primaryimage\",\"url\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/052524-AT50-MMFI.png\",\"contentUrl\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/052524-AT50-MMFI.png\",\"width\":1611,\"height\":795,\"caption\":\"AT50 (MMFI) reversed almost half its gains from May after falling short of the overbought threshold.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2024\\\/05\\\/26\\\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Did NVIDIA&#8217;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? &#8211; The Market Breadth\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#website\",\"url\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/\",\"name\":\"ONE-TWENTY TWO: Trading Financial Markets\",\"description\":\"Exploring the poetry in financial markets for students of money and economy since the year 2000.\",\"publisher\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\",\"name\":\"Dr. Duru\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/cropped-masthead-header.jpg\",\"url\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/cropped-masthead-header.jpg\",\"contentUrl\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/cropped-masthead-header.jpg\",\"width\":900,\"height\":100,\"caption\":\"Dr. Duru\"},\"logo\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/cropped-masthead-header.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.drduru.com\\\/onetwentytwo\",\"https:\\\/\\\/www.instagram.com\\\/drduru_market_breadth\\\/\",\"https:\\\/\\\/x.com\\\/drduru\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Did NVIDIA's Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? - The Market Breadth - ONE-TWENTY TWO: Trading Financial Markets","description":"NVIDIA's earnings seemed to drain buying power in the rest of the stock market. The resulting exhaustion damaged market breadth.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/","og_locale":"en_US","og_type":"article","og_title":"Did NVIDIA's Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? - The Market Breadth","og_description":"NVIDIA's earnings seemed to drain buying power in the rest of the stock market. The resulting exhaustion damaged market breadth.","og_url":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/","og_site_name":"ONE-TWENTY TWO: Trading Financial Markets","article_published_time":"2024-05-26T07:14:29+00:00","article_modified_time":"2024-05-28T14:22:34+00:00","og_image":[{"width":1611,"height":795,"url":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png","type":"image\/png"}],"author":"Dr. Duru","twitter_card":"summary_large_image","twitter_title":"Did NVIDIA's Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? - The Market Breadth","twitter_description":"NVIDIA's earnings seemed to drain buying power in the rest of the stock market. The resulting exhaustion damaged market breadth.","twitter_image":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png","twitter_creator":"@drduru","twitter_site":"@drduru","twitter_misc":{"Written by":"Dr. Duru","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/#article","isPartOf":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/"},"author":{"name":"Dr. Duru","@id":"https:\/\/drduru.com\/onetwentytwo\/#\/schema\/person\/d9569fde6c701b021a8d958f775be9a0"},"headline":"Did NVIDIA&#8217;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? &#8211; The Market Breadth","datePublished":"2024-05-26T07:14:29+00:00","dateModified":"2024-05-28T14:22:34+00:00","mainEntityOfPage":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/"},"wordCount":1930,"commentCount":0,"publisher":{"@id":"https:\/\/drduru.com\/onetwentytwo\/#\/schema\/person\/d9569fde6c701b021a8d958f775be9a0"},"image":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/#primaryimage"},"thumbnailUrl":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png","keywords":["all-time high","AT200","AT50","CAKE","COMPQ","e.l.f. Beauty Inc","ELF","IRBT","iRobot Corporation","iShares Russell 2000 ETF","IWM","MCD","McDonalds Corporation","NASDAQ","NVDA","S&amp;P 500","SBUX","Sprout Social Inc","SPT","SPY","Starbucks","Target Corporation","TGT","The Cheesecake Factory Incorporated","Walmart Inc","WMT"],"articleSection":["Bollinger Band","Breakdown","Breakout","Earnings","Food","High Tech","Resistance","Retail","Semiconductors","Support","Technical Analysis"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/","url":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/","name":"Did NVIDIA's Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? - The Market Breadth - ONE-TWENTY TWO: Trading Financial Markets","isPartOf":{"@id":"https:\/\/drduru.com\/onetwentytwo\/#website"},"primaryImageOfPage":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/#primaryimage"},"image":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/#primaryimage"},"thumbnailUrl":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png","datePublished":"2024-05-26T07:14:29+00:00","dateModified":"2024-05-28T14:22:34+00:00","description":"NVIDIA's earnings seemed to drain buying power in the rest of the stock market. The resulting exhaustion damaged market breadth.","breadcrumb":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/#primaryimage","url":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png","contentUrl":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2024\/05\/052524-AT50-MMFI.png","width":1611,"height":795,"caption":"AT50 (MMFI) reversed almost half its gains from May after falling short of the overbought threshold."},{"@type":"BreadcrumbList","@id":"https:\/\/drduru.com\/onetwentytwo\/2024\/05\/26\/did-nvidias-earnings-surge-to-all-time-highs-trigger-stock-market-exhaustion-the-market-breadth\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/drduru.com\/onetwentytwo\/"},{"@type":"ListItem","position":2,"name":"Did NVIDIA&#8217;s Earnings Surge to All-Time Highs Trigger Stock Market Exhaustion? &#8211; The Market Breadth"}]},{"@type":"WebSite","@id":"https:\/\/drduru.com\/onetwentytwo\/#website","url":"https:\/\/drduru.com\/onetwentytwo\/","name":"ONE-TWENTY TWO: Trading Financial Markets","description":"Exploring the poetry in financial markets for students of money and economy since the year 2000.","publisher":{"@id":"https:\/\/drduru.com\/onetwentytwo\/#\/schema\/person\/d9569fde6c701b021a8d958f775be9a0"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/drduru.com\/onetwentytwo\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"https:\/\/drduru.com\/onetwentytwo\/#\/schema\/person\/d9569fde6c701b021a8d958f775be9a0","name":"Dr. Duru","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/09\/cropped-masthead-header.jpg","url":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/09\/cropped-masthead-header.jpg","contentUrl":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/09\/cropped-masthead-header.jpg","width":900,"height":100,"caption":"Dr. Duru"},"logo":{"@id":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/09\/cropped-masthead-header.jpg"},"sameAs":["http:\/\/www.drduru.com\/onetwentytwo","https:\/\/www.instagram.com\/drduru_market_breadth\/","https:\/\/x.com\/drduru"]}]}},"_links":{"self":[{"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/posts\/68994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/comments?post=68994"}],"version-history":[{"count":20,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/posts\/68994\/revisions"}],"predecessor-version":[{"id":69079,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/posts\/68994\/revisions\/69079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/media\/68991"}],"wp:attachment":[{"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/media?parent=68994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/categories?post=68994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/tags?post=68994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}