Buying the Dip: Nvidia, Broadcom & Meta—Bill Baruch Explains His Moves

Buying the Dip: Nvidia, Broadcom & Meta—Bill Baruch Explains His Moves

E-mini S&P (June) / E-mini NQ (June)

S&P, last week’s close: Settled at 5312.75, up 7.00 on Friday and down 78.50 on the week

NQ, last week’s close: Settled at 18,380.75, down 4.50 on Friday and 426.75 on the week

The market is desperate for good news. A glimmer of optimism spread ahead of the long weekend. There was hope that progress would be made on trade deals with countries like Japan, and an ounce of dialogue would be had with China. Representatives from Japan visited Washington last week, and the Finance Minister is expected to meet with U.S Treasury Secretary Bessent this week, but no meaningful progress has been reported, and auto tariffs are certainly creating friction. On Friday, President Trump’s comments were perceived as upbeat in making a deal with China. However, the only developments over the weekend were China warning against U.S. trade deals (with other countries) that undermine its interests, vowing to respond with countermeasures. Additionally, Huawei is readying to deliver an AI chip on par with NVDA’s H100. The erosion of hope has led to a steady bleed lower overnight, while many countries are still on Easter holiday.

NFLX topped earnings estimates after the bell Thursday and we are entering the first big week of earnings this season. Notably, TSLA reports after the bell tomorrow and GOOG Thursday.

E-mini S&P and E-mini NQ futures are under a bit of pressure ahead of the opening bell. Late strength Thursday struggled to hold our Pivot and point of balance at 5340-5352, and a gap lower on the open last night has created quite a bit of separation. Price action bled through Wednesday’s late session low, in which the indices rallied from, and battling at these marks ahead of the opening bell. A failure to stay above our Pivot and point of balance, detailed below, a minimal ask, will encourage added selling. However, steady action above here could help invite buyers as hope re-emerges in this low-volume session. In such a case, first resistances come in at…

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