This NVIDIA Level Is Key Right Now

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We have a big divergence to start 2025. International stocks are under pressure while SPX futures are up. It will be important to see if early strength holds and builds, or if it fades.

First resistance area is SPX 5929-5940. If it clears and holds, it will push the active bears back.

Now let's dig into some names:

VAL finally triggered as a January effect name, so I'm glad we added it to Power Plays Options on December 30. It's up about 2% this morning on a rise in oil prices. $46ish is some resistance. I'd look to trim and trail.

NVDA has been range bound since the $149.76 Red Dog Reversal sell post-earnings. It hit $133 to close 2024. We'll see how it reacts on Day #1 of 2025. Will early strength hold, or be sold? $138 is big resistance so keep that price on your radar. This is a key name that could affect the complexion of early 2025.

AVGO showed relative strength to close 2024 so we need to see how it trades in early January. $238 is pivot resistance. $231 is big active support that I want to see remain intact.

RDDT put in a small topping tail as it hit $182.20. For today, see if early strength holds or if profit takers come in. $162 is key upper support that needs to hold now.

AMZN: after a big move from $202 to $233, it stopped many out as it broke below $226 to see the $218 area. For today, we'll see if early strength gets faded or holds. See if it clears $223.

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*Scott Redler Positions Disclosure as of 2025-01-02 at 7.53.59 AM

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