Market Rally At Key Levels; Nvidia Near Buy Point On $100 Billion Forecast

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures.

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The stock market rally got off to a rough start in 2024, with the major indexes snapping nine-week losing streaks. But the S&P 500 and many leading stocks found support late in the week. Some stocks flashed buy signals.

Those could work but that’ll largely depend on whether the stock market rebounds. And equities will continue to take their cue from the bond market, especially with Treasury yields around the 4% level.

Nvidia (NVDA) rebounded Friday, moving close to a buy point as predictions that the AI chip giant could generate $100 billion in free cash flow in the next two years.

PulteGroup (PHM), Super Micro Computer (SMCI), Eli Lilly (LLY) and MercadoLibre (MELI), Snowflake (SNOW) also are showing constructive action.

The SEC is expected to approve the first spot bitcoin ETFs next week, potentially fueling much-wider institutional involvement. SEC staff have no more issues for spot bitcoin ETF applicants, Bloomberg reported Friday.

Bitcoin and notable crypto stocks such as CoinDesk (COIN) and miner Marathon Digital (MARA) have surged over the past few months in anticipation of a spot ETF. Bitcoin and COIN stock fell this past week, while MARA stock whipsawed higher.

CoinDesk is planning to acquire an unnamed company with a MiFID II license, which would let it offer Bitcoin derivatives in the European Union, the crypto exchange told CNBC.

Meanwhile, get ready for Big Tech and medical news with the CES tech show and JPMorgan Healthcare Conference are this coming week. Earnings season also will get underway, with JPMorgan Chase (JPM), Citigroup (C) and UnitedHealth (UNH) among the big names.

Nvidia stock is on IBD Leaderboard. Eli Lilly stock and MercadoLibre is on SwingTrader. Nvidia, Snowflake, Super Micro and MELI are on the IBD 50.

The video embedded in the article discussed the rough market start to 2024 and analyzed Nvidia, Spotify (SPOT) and PHM…