Nvidia Drives S&P 500 Market Cap Surge with 36% Contribution

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The price has reached our target, as mentioned yesterday, with a gain of +1.20%, approximately $60.

The SPX has recorded a new all-time high and continues to gain. It may retest down to 5347 before pushing up to 5378.

Overall, it could potentially reach 5320 if it stabilizes below 5347. As long as it trades above 5320, an uptrend towards 5423 is expected.

• Bullish Scenario: If the price trades above 5347, it will continue its bullish trend toward 5378, and above that, it could reach 5423.
  
  
• Bearish Scenario: If it stabilizes below 5347, it may drop to 5320. Stabilizing below 5320 on a 1-hour candle could lead to a decline to 5301.
  
  Pivot Line: 5347
  Resistance Lines: 5378, 5400, 5423
  Support Lines: 5320, 5302, 5260
  
  The price is expected to move between the support level of 5320 and the resistance level of 5423.
  
  previous idea:
  
  
  Nvidia Drives S&P 500 Market Cap Surge with 36% Contribution in 2024
  
  Shares of US-based chipmaker Nvidia Inc. have had a stellar 2024, soaring nearly 150% and reaching new all-time highs. This impressive performance has significantly contributed to the $4.49 trillion (12%) increase in the S&P 500’s market capitalization, which now stands at $47.16 trillion.
  
  Nvidia’s remarkable gains have been a major driving force behind the S&P 500’s record-breaking achievements. The chipmaker's contribution alone accounts for 36% of the index’s market cap surge this year, highlighting its pivotal role in the broader market’s upward trajectory.
  
  In addition to Nvidia's impact, the S&P 500 has been bolstered by favorable economic indicators, including cooling jobs data, which has alleviated some inflationary pressures and supported continued market growth.
  
  As the S&P 500 hits new records, Nvidia's milestone of reaching a $3 trillion market cap underscores the significant influence of leading tech companies in shaping market trends and driving substantial gains across the board.