Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.
USD/JPY on the way to resume the bearish bias
2019-11-11 • Updated
USD/JPY found strong resistance around 112.08 after Fed’s decision to keep rates unchanged at July’s meeting. Such decline coincides with the Fibonacci retracement levels of 61.8% and 50%, which corresponds to the 112.43 and 112.08 levels respectively. If the move continues to strengthen in coming hours, we can expect a decline to take place towards 109.91, at which lies the -23.6% Fibonacci retracement level.
To the upside, the pair could invalidate that scenario with a breakout above 112.53, with the nearest target placed around 112.93. RSI indicator is oversold.
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The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
During his program on CNBC on February 28, Jim Cramer expressed frustration with the impact of earnings reports on market behavior, noting how they often prompt rash decisions by average investors. He criticized the short-term focus and lack of attention to nuance in news coverage of earnings. Cramer cited examples of Home Depot and Lowe's, highlighting how investors reacted hastily to headline news without considering the broader context provided in earnings calls.
After creating record highs, Wall Street's main indexes opened on Wednesday and began to edge lower, reflecting cautious sentiment among investors. They're eagerly awaiting crucial inflation data that could impact the U.S. Federal Reserve's interest rate decisions. The upcoming release of the personal consumption expenditures (PCE) price index is expected...