SPX-3700 Bull Bear Battle…
Upbeat weekend...
Read previous posts by following these links:
SPX-Treasury yields vs Reported earnings
With a key period of the earnings season on the radar, the equity market closed Friday with an optimistic gain.
The Dow Jones Industrial Average rose 2.5%, taking weekly gains to 4.9%. $DJIA(.DJI)$
The S&P 500 rose 2.4% and 4.7% on the week. $S&P 500(.SPX)$
The Nasdaq Composite, which rose 2.3% and gained 5.2% over the week. $NASDAQ(.IXIC)$
On the results side:
- 72% of S&P 500 companies reporting third-quarter earnings have so far exceeded Wall Street expectations.
These companies beat earnings estimates by a combined 2.3%. That's below a five-year average of 8.7%. (FactSet.source).
In this move, investors should continue to monitor inflation and the Federal Reserve's efforts to control prices.
- The consensus would be that the Fed would probably raise interest rates by three-quarters of a point at its next meeting. However, investors would be hoping for a pivot from the US Federal Reserve...(CME Source)
In the meantime, the market is bracing for the real test of the upcoming earnings season with earnings releases from big tech companies and other giants.
$Apple(AAPL)$ Exxon
From a technical point of view: (not buy/sell advice).
Two levels would be key: 3700 in the bull-bear "battle" zone. And 3850-900 in resistance to get the 4000.
Lower zone: 3600-3650.
Thanks for reading.
@TigerStars @MillionaireTiger @CaptainTiger
@Do_Trading twitter for daily update
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