Tim Knight highlights that despite minor fluctuations, the S&P 500 (ES) and key indexes remain largely unchanged as investors eagerly await Nvidia's Q2 earnings report. While tech stocks like QQQ and XLK continue to reach new highs, transports (IYT) and industrials (XLI) underperform. International markets, particularly EEM and FXI, show modest declines. The market is poised for a significant move post-Nvidia's earnings, expected to heavily influence semiconductor ETFs like SMH.