SPX gamma structure heading into $NVDA earnings was a pure magnet setup — flip at 7,694, with $451M of positive gamma stacked between there and 8,000, and zero accelerators in between. That's a frictionless runway if spot clears the flip.
NVDA delivered: $96B revenue vs $91.9B consensus. Q3 guide $108B vs street at $95–100B. First full-year guide ever from Jensen — FY2028 at 70% revenue growth. AI capex backlog above $2 trillion. Cloud infrastructure spending $40B, up 138%.
Structure was primed for a breakout. Above 7,694, magnets engage in sequence: 7,750 at +$56M, 7,800 at +$98M, 7,900 at +$100M, 8,000 at +$197M — the heaviest single level on the board. Every $50 increment is a magnet. Nothing in between to slow it.
Downside runs the same logic in reverse. Below 7,650, accelerators kick in at 7,600 (-$81M) and 7,500 (-$87M).
The structure doesn't care which way it resolves. It just tells you the move will be efficient once it starts, because there's nothing in the middle to absorb flow.
Warsh speaks tomorrow into whatever NVDA leaves behind. Range today: 7,700 to 7,850.
NVDA delivered: $96B revenue vs $91.9B consensus. Q3 guide $108B vs street at $95–100B. First full-year guide ever from Jensen — FY2028 at 70% revenue growth. AI capex backlog above $2 trillion. Cloud infrastructure spending $40B, up 138%.
Structure was primed for a breakout. Above 7,694, magnets engage in sequence: 7,750 at +$56M, 7,800 at +$98M, 7,900 at +$100M, 8,000 at +$197M — the heaviest single level on the board. Every $50 increment is a magnet. Nothing in between to slow it.
Downside runs the same logic in reverse. Below 7,650, accelerators kick in at 7,600 (-$81M) and 7,500 (-$87M).
The structure doesn't care which way it resolves. It just tells you the move will be efficient once it starts, because there's nothing in the middle to absorb flow.
Warsh speaks tomorrow into whatever NVDA leaves behind. Range today: 7,700 to 7,850.
