The S&P 500 index (US500) is up today, trading around 7,405 points, following yesterday’s session which ended in the red – Wall Street fell mainly due to weakness in the technology sector and a rise in US bond yields. All the market’s attention is focused today on Nvidia’s quarterly report (NVDA.US) for Q1 FY2027, which will be published after the close of Wall Street – the market consensus expects revenue of around $78.8 billion (+78% y/y) with EPS of ~$1.75 (+127% y/y). The options market expects the share price movement following the results release to reach around 5.6% in absolute terms. However, we would like to add that in nearly 75% of cases, options have overestimated the actual movement.
However, geopolitical tensions remain in the background: China has officially banned imports of Nvidia’s RTX 5090D V2 chip, sending a clear signal that it is accelerating the development of its own AI ecosystem. The situation in Iran is also worth mentioning. Trump stated on Tuesday that the US may be forced to strike Iran again — a day after he called off a planned attack following the receipt of an Iranian peace proposal. Iran, in turn, presented a proposal demanding war reparations and the withdrawal of US troops.
On the US500 daily chart, the index is in a strong uptrend, reaching new all-time highs around 7,407 points (session high). The price is trading well above all key moving averages. It is worth noting the band channel visible on the chart (a standard deviation channel anchored to the VWAP drawn from 2025), whose upper limit in the region of 7,500–7,600 points represents the nearest technical target for the bulls. The volume on the left-hand side of the chart (Volume Profile) indicates a large concentration of trading activity in the 6,800–7,000 point range, which may suggest the existence of a significant support zone in the event of a potential correction. Source: xStation
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