“All eyes are on Nvidia,” said Katie Stockton, founder of Fairlead Strategies, a research firm that provides technical analysis of markets, in a note Monday. The levels to watch for Nvidia’s stock are its 50-day moving average of around $167 and “minor resistance near $184,” she said.

Wall Street awaits its next test with Nvidia due to report its quarterly earnings this week, as Peter Devlin explains.

AI bellwether Nvidia is slated to report quarterly results after markets close on Wednesday, and traders are prepared for the stock's biggest post-earnings move in more than a year.

Federal Reserve Chair Jerome Powell's speech at Jackson Hole on Friday turned around market sentiment, propelling the Dow Jones Industrial Average to a record close and turning the S&P 500 positive on the week.