By: Jeff Cooper

Hit and Run Trading Morning Report - March 11, 2024

Can NVDA Bring the Market Down?

Sometimes we just nail it...with the help of the best trading tool on the planet, the Square of 9 Time & Price Calculator.

NVDA gapped open 25 points on Friday pushing another 23 points to a high.

An hour and a half  into Friday’s session with NVDA still up 30 points we alerted on the Hit and Run Private Twitter Feed “NVDA GONNA GO RED TODAY”.

Little did I know that “going red” would turn into a Katy Bar The Door Reversal; however, once NVDA triggered an Opening Range Breakdown (breakage below the first 30 minutes range) the die was cast for a test of the Friday’s open gap.

NVDA knifed through the open gap triggering a Jump The Creek sell signal (offsetting the gap) eliciting downside acceleration.

Once the a down ORB played out we can project downside levels.
The high was 974.

90 degrees down = 943

NVDA plunged thru 943 with authority opening the door to the next decrement of 90 * down (180* down) at 913.

Since 913 is well below the morning gap, the presumption was a Jump The Creek was on deck.

The Jump The Creek sell was triggered on trade the offset Friday’s gap at 927.60 region

When 913 failed to support NVDA it opened the door to the next 90* lower which was 863.

NVDA struck a low of 865 an hour before the close and bounced roughly 30 points.

A full 360 degree rev down from the morning 974 ATH is 853.

After hours on Friday, NVDA dropped more than 20 points to close near 853---offsetting the open gap from Wednesday.

You can’t make this stuff up.

Friday’s fire drill left a massive Key Reversal Day.

Was there any Time/Price synchronicity to suggest Friday would see a reversal?

Measuring from the low of 473  low for the year prior to the early January upside impulse, we find that 975 squares 473.

Friday’s reversal started from a high of 974.

Today is opposite 859. Clearing and sustaining above 859 opens the door to 889 which squares March 11.

Above 889 this week opens the door to the next square up at 918 and the 920 strike for Friday’s OpEx.

Alternatively, failure below 853 projects to 824 and  796 …those being the next two squares of 90* down from 853 and Friday’s close.

The 790 region ties to a Bottoms Line on the above daily chart.

Time wise, this week squares 829 and 801 which tie to the 830 strike and 800 strike respectively.

NVDA’s sneeze infected tech on Friday.

AMD exploded through Wednesday’s 214.81 high which is opposition to the October 93 low.

On the Hit and Run Private Twitter Feed we alerted that AMD projected to the 228 region.

AMD surged to 217.40. Then the wheels came off.

We went on to say that back below the 225 strike is trouble and breakage below the 220 strike AMD gets hammered.

When AMD jackknifed back below the prior 214 square-out it opened the door to 205.

Why? Because 205 vibrates/aligns with March 8th.    Place 5 here

In sum NVDA is the current heart and soul of speculation mirroring CSCO in March 2000.

When a 4 star general runs from the battlefield the war may not be over quite yet, but the troops have lost leadership.

Markets can turn on a dime, most traders cannot….without an edge like the Square of 9.