Markets are still slow ahead of Nvidia's (NVDA) earnings report today after the US market closes. We may see tight ranges throughout today's sessions as speculators are focused on Nvidia, especially since its last two earnings reports were very strong and pushed the entire market higher. So certainly, Nvidia could once again have a significant impact on the markets as a whole.

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From an Elliott Wave perspective, we still see risk-on flows with the Dollar Index in a downtrend. While we've seen some stabilization, there could be a bit more upside as part of wave four now, with the 101 to 101.60 area remaining a very strong resistance zone. At the same time, stocks are consolidating, and it looks like the S&P 500 could be even forming a triangle in wave 4, which is also a bullish pattern.

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