Nvidia Earnings Unlikely to Reverse S&P 500 Sell Signal

As of May 15, analysts continue to warn that Nvidia’s May 20 earnings will not reverse the S&P 500’s emerging technical sell signal. Despite new highs, breadth remains narrow with lagging NYSE new highs and multiple oscillators flipping negative. A classic modified Bollinger Band sell signal would trigger on a close below 7,387, while VIX holds steady in the 17–18 range. The SPX shows tentative support at 7,340 and 7,275, with major support at 7,000. Defensive positioning is advised, including a bearish SPY June put spread, as NVDA straddles require a 3.24% move amid elevated options volume.