NVDA Whoohaar. Only +5%. Nothing Really Changed. Yet. | SPX Market Briefing | 20 Nov 2025

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Back to the analysis….

Despite the whoohaar (add your own Al Pacino voice) surrounding NVIDIA we only really see a +5% move.

And while it is positive and most importantly not negative – which potentially would have brought the stock market’s house of cards tumbling down – it’s really not that exciting.

The indexes daily charts remain disinterested.

Gold’s attempted push higher fizzled.

Crude oil is in a slump – actually a slump might be an improvement.

VIX drops slightly.

Overall and looking at things in context rather than a single day or two in isolation – nothing really has changed… Yet!

SPX, RUT and the software now has a cleaner look for me after a major overhaul and are currently bullish.

Although we’ve seen this before over the last few weeks so keeping it on a tight leash may once again prove wise.

And now, once again I await the opening bell with baited breath… (possibly the garlic chicken I ate last night.)

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SPX Market Briefing:

Thursday November reviews NVDA earnings aftermath (only +5% despite whoohaar, positive but not exciting, importantly not negative so house-of-cards survives),

indexes daily charts remaining disinterested, gold’s push higher fizzling, crude oil in slump (improvement from dead duck), VIX dropping slightly but in-context nothing really changed yet,

SPX and RUT currently bullish after software major overhaul (cleaner look) but seen this before over last few weeks (tight leash may prove wise), awaiting opening bell with baited breath (which was possibly the garlic garlic chicken).

Current Multi-Market Status:

• ES: 6739.75, disinterested

• RTY: 2373.3, bullish but tight leash

• YM: 46,483, post-NVDA stable

• NQ: 25,096.75, +5% NVDA absorbed

• CL: $59.84, slump (or improvement)

• GC: $4062.5, push fizzled

• VIX: 20.72, slight drop

• DXY: 100.115, dollar strength continuing

NVDA Whoohaar – Only +5%

Well despite the whoohaar surrounding NVIDIA we only really see a +5% move.

All that anticipation. AI bubble burst or fizz verdict. Result: +5%.

And while it is positive and most importantly not negative – which potentially would have brought the stock market’s house of cards tumbling down – it’s really not that exciting.

Not negative = house of cards survives. That matters.
But +5% = underwhelming given the hype.

Sput sput fizz confirmed. Not burst. Not moon. Just… meh.

Current Status: NVDA +5% (ish), not negative (good), not exciting (expected more)

Indexes Remain Disinterested

The indexes daily charts remain disinterested.

ES: 6739.75. Kinda Flat. evening with the 100pt overnight rally
YM: 46,483. Really Flat.
NQ: 25,096.75. Absorbed NVDA, still flat (ish).
RTY: 2373.3. Definitely Flat.

NVDA earnings absorbed. Indexes shrugged. Daily charts unchanged. Disinterested.

Current Status: Indexes daily charts disinterested, NVDA absorbed

Gold Fizzled, Oil Slump, VIX Down

Gold’s attempted push higher fizzled.

GC: $4062.5. Was ready for push. Fizzled instead.

Crude oil is in a slump – actually a slump might be an improvement.

CL: $59.84. Dead duck upgraded to slump. Progress?

VIX drops slightly.

VIX: 20.72 down from 23.91. Still elevated but dropping.

Current Status: Gold fizzled, oil slumping, VIX dropping

Nothing Really Changed – Yet

Overall and looking at things in context rather than a single day or two in isolation – nothing really has changed… Yet!

Context matters. Single day reactions misleading. Big picture: Same setup as before NVDA.

Indexes still in correction territory. VIX still elevated. Gold still pulling back. Oil still dead/slumping.

Yet! = Something will eventually change. Just not today.

Current Status: In context nothing changed, yet

SPX/RUT Bullish – Tight Leash

SPX, RUT and the software now has a cleaner look for me after a major overhaul and are currently bullish.

SPX: Bullish above 6634.45. Target 6805.55.
RUT: Bullish above 2344.64. Target 2412.

Software overhaul complete. Cleaner signals. Currently bullish.

Although we’ve seen this before over the last few weeks so keeping it on a tight leash may once again prove wise.

Bullish setups have flipped multiple times recently. This one might too. Tight leash = quick exits if wrong.

And now, once again I await the opening bell with baited breath… (possibly the garlic chicken I ate last night.)

Garlic chicken. Baited breath. Same thing really.

Current Status: SPX/RUT bullish, software overhauled, tight leash active

Trade well,
T2 Markets

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