Nvidia is the stock to watch heading into Wednesday’s close. The mega-cap tech stock that is everyone’s artificial intelligence barometer is nearing a milestone with its recent rally. The market darling, which could post a sixth straight day of gains Wednesday, is nearing its all-time closing high of $135.58 that it reached in late June. At its high for Wednesday’s session it reached $134.52. At last check, it was basically unchanged for the day. The morning move higher in Nvidia helped to lift the S & P 500 to an intraday record . A record close for Nvidia, along with an S & P 500 record close, could indicate to some that the artificial intelligence trade that’s powered the bull market is back on. NVDA YTD mountain Nvidia To be sure, Katie Stockton, founder at Fairlead Strategies and a leading chart analyst, wants to see Nvidia exceed its intraday high around $140 before getting bullish on the stock. She expects a countertrend indicator — which would suggest it’s time to sell — for the stock to flash at some point instead. She’s not sanguine on the longer-term view for the stock, saying the market darling could tread water for some time. The upper range for the stock is around $140 to $141, she said, while the low-end support is around $97. “We just feel like it could be a range-bound environment,” Stockton said. “And that we’re more inclined to use strength to sell into, as opposed to add new exposure.”
