Jensen Huang, embattled CEO of the world’s most valuable company, is out. NVDA is down about 10% in the pre-market…

…which means it just nailed the target we set in August [see: NVDA Delivers] well ahead of schedule.

Though the company is obviously flying high, my longer-term outlook on NVDA still calls for a backtest of its Jan 2025 highs (153.13) in the next 6-7 months.

The larger question is whether the rest of the market, which has regarded NVDA as its bell cow, will follow. So far, futures are declaring this a minor bump in the road to the usual year-end melt-up.

This nonchalance again comes courtesy of VIX, which has scurried back below its 200-day moving average. Good job, guy behind the curtain.

Note that VIX is a stone’s throw from another breakdown – the reliable protector of all things bullish. So, if you ask me whether we’ll get the usual year-end post midterm rally, I’d say it depends on whether TPTB want it bad enough. It certainly won’t depend on technicals or fundamentals (whatever that means any more…)

continuing…