{"id":1233733,"date":"2026-03-03T11:13:48","date_gmt":"2026-03-03T09:13:48","guid":{"rendered":"https:\/\/www.etoro.com\/?p=1233733"},"modified":"2026-03-03T17:20:32","modified_gmt":"2026-03-03T15:20:32","slug":"nvidia-bulls-look-for-support","status":"publish","type":"post","link":"https:\/\/www.etoro.com\/en-us\/news-and-analysis\/the-daily-breakdown\/nvidia-bulls-look-for-support\/","title":{"rendered":"Nvidia Bulls Look for Support"},"content":{"rendered":"

Markets shrugged off Monday’s selloff, but volatility is back with a vengeance on Tuesday. The Daily Breakdown dives into the action.<\/p>\n

Before we dive in, let\u2019s make sure you\u2019re set to receive The Daily Breakdown each morning. <\/span><\/i>To keep getting our daily insights<\/i><\/b>, all you need to do is <\/span><\/i>log in<\/span><\/i><\/a> to your eToro account.<\/span><\/i><\/p>\n

What’s Happening?<\/b><\/h2>\n

\u200b\u200bYesterday\u2019s early losses got absorbed, and by the afternoon US indices managed to grind out a modest gain on Monday. Today, the setup is tougher: the S&P 500<\/a> is down about 1.3% and the Nasdaq 100<\/a> is off roughly 1.7%. Silver<\/a> and gold<\/a> are under pressure too, while oil is climbing again.<\/span><\/p>\n

Energy Rips<\/b><\/h4>\n

After rallying more than 6% yesterday, oil futures are up another 7% this morning. That\u2019s putting a strong bid under the <\/span>USO<\/span><\/a> ETF, which notched a multi-year high Monday and is now trading at its highest level since January 2020 in pre-market action. Energy led all sectors yesterday, with Exxon Mobil<\/a> and Chevron<\/a> pushing to fresh record highs along the way.<\/span><\/p>\n

Crypto Climbs (Then Cools)<\/b><\/h4>\n

Crypto had a surprisingly quiet weekend, then caught a bid on Monday. Bitcoin<\/a> and Ethereum<\/a> each gained around 4.5%, while Solana<\/a> and XRP<\/a> moved higher too, as the group showed more momentum than you\u2019d expect in this tape. This morning, though, crypto is giving back part of those gains.<\/span><\/p>\n

Want to receive these insights straight to your inbox?<\/strong><\/p>\n

Sign up here<\/a><\/p>\n

The Setup \u2014 Nvidia<\/b><\/h2>\n

Nvidia<\/a> reported strong quarterly results last week and delivered a solid outlook, yet the stock did not respond the way bulls had hoped. Instead, Monday\u2019s pullback sent the stock into a key support area:\u00a0<\/span><\/p>\n

\"Daily
Chart as of the close on 3\/2\/2026. Source: eToro ProCharts, courtesy of TradingView.<\/em><\/figcaption><\/figure>\n

The $170 to $175 zone has been key support going back to the summer. Now, the 200-day moving average is also within this range and on Monday, NVDA tested this measure for the first time since May. If support holds, bulls will look for a larger bounce. If it breaks, it could usher in a larger selloff.\u00a0<\/span><\/p>\n

Options<\/b><\/h4>\n

As of March 2nd, the options with the highest open interest for NVDA stock \u2014 meaning the contracts with the largest open positions in the options market \u2014 were still the March $200 calls.\u00a0<\/span><\/p>\n

Investors who are bullish could consider calls or call spreads as one way to speculate on further upside, while bearish investors could consider puts or put spreads to speculate on a further move to the downside. For options traders, it may be advantageous to have adequate time until the option\u2019s expiration.\u00a0<\/span><\/p>\n

To learn more about options, consider visiting the <\/span>eToro Academy<\/span><\/a>.<\/span><\/p>\n

What Wall Street’s Watching<\/h2>\n

TGT<\/b><\/p>\n

There\u2019s a lot of red on screens this morning, but Target<\/a> is up about 4% after beating fourth-quarter earnings expectations. It\u2019s the retailer\u2019s first report since CEO Michael Fiddelke took over last month. Management guided for roughly 2% net sales growth year over year and expects sales to increase in every quarter this year, giving bulls confidence that Target\u2019s turnaround efforts are taking hold. <\/span>Dig into the fundamentals for TGT<\/span><\/a>.\u00a0<\/span><\/p>\n

AAOI<\/b><\/p>\n

Shares of Applied Optoelectronics<\/a> surged yesterday, jumping more than 20% as optical materials and semiconductor names continue to rip higher. The move also got a boost from Nvidia\u2019s reported $2 billion investments in both Lumentum<\/a> and Coherent<\/a>. <\/span>Check out the chart for AAOI<\/span><\/a>.\u00a0<\/span><\/p>\n

BBY<\/b><\/p>\n

Best Buy<\/a> stock is jumping this morning, climbing roughly 10% in pre-market trading after the firm reported its fourth-quarter results. Revenue of $13.81 billion missed estimates of $13.88 billion, but earnings of $2.61 per share topped expectations of $2.47 per share. <\/span><\/p>\n

Disclaimer:<\/i><\/b><\/p>\n

Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.<\/i><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Markets shrugged off Monday’s selloff, but volatility is back with a vengeance on Tuesday. The Daily Breakdown dives into the action. Before we dive in, let\u2019s make sure you\u2019re set to receive The Daily Breakdown each morning. To keep getting our daily insights, all you need to do is log in to your eToro account.…<\/p>\n","protected":false},"author":130,"featured_media":819735,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6894],"tags":[],"asset_type":[],"class_list":["post-1233733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-breakdown"],"acf":[],"yoast_head":"The Daily Breakdown: Nvidia Bulls Look for Support<\/title>\n<meta name=\"description\" content=\"Markets shrugged off Monday's selloff, but volatility is back with a vengeance on Tuesday. 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