Stocks rise and drop on their earnings reports. Let's review those which reported recently.
S&P500 and NASDAQ: new highs after a small correction?
On Tuesday, S&P500 (US500) has tested a very important psychological milestone of 4200. Despite the correction, analysts still expect the bullish trend to remain stable. The index is driven by the overall risk-on sentiment and positive earnings reports by the biggest American companies. If buyers cross the 4200 level, the index will surge towards the next potential resistance of 4225. On the downside, the index is limited by the 4170 level (50-period MA). If it’s broken, the next support will be located at 4150.
As for NASDAQ (US100), it has retested the all-time high of 14,060 today. Since the start of the US trading session, the index has been correcting towards the support of 13,890 (trend line border). If bulls take over the market once again, the resistance of 14,060 will be crossed and the next obstacle will be placed at 14,100.
It’s very important to follow the earnings reports these days to catch the additional movements of the major American indices. Check the schedule below:
Tuesday: Stabrucks, 3M
Wednesday: Google, Facebook, PayPal, Qualcomm, Ford
Thursday: Microsoft, Amazon, Twitter
Check the calendar for more details.
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Have you seen the Tesla stock price? But it has already dropped from that high... will it move up again?
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).