NVIDIA Earnings Fuel QQQ Rally as Fed Uncertainty Looms

NVIDIA's blockbuster earnings report on August 26, with revenue skyrocketing to $96.2 billion and non-GAAP EPS beating estimates by nearly 7%, has sent shockwaves through the markets.

The Nasdaq-100 ETF (QQQ) is sitting at a critical inflection point, trading at $720 after bouncing off late-July correction lows.

While the chart on QQQ tells a nuanced story, with buyers stepping in but not committing to acceleration, the underlying structure remains intact.

The derivatives data on Binance shows that smart money and retail are aligned bullish, with the top trader long/short ratio at 1.8482 indicating a conviction trade.