Wall Street Awaits Earnings from Tesla and Netflix
According to Yahoo Finance, the third-quarter earnings season started well despite the uncertain macroeconomic environment.
Already, 32 companies in the S&P 500 have reported earnings, according to Bank of America Research's equity strategy group. Moreover:
→ actual earnings per share exceeded Wall Street expectations by an average of 9%;
→ EPS increased 1% compared to the same quarter last year, which is a positive sign.
This week's headliners could be reports from Tesla and Netflix, which are important components of the S&P 500 and Nasdaq indices.
Meanwhile, the S&P 500 Index chart shows its price:
→ pushed off from the lower border of the ascending channel;
→ has already exceeded the median line of the descending channel.
So the decline, which has been going on since early August, could become a technical correction as part of a longer-term rally. Barriers to its resumption may be:
→ upper boundary of the downward channel;
→ level 4,440, which served as support, but was broken by a strong bearish impulse on September 20-21.
Are bulls up to this task? If the news from Tesla and Netflix (expected tomorrow) turns out to be positive, it will help a good earnings season and a corresponding rise in the S&P 500 index amid global tensions.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Already, 32 companies in the S&P 500 have reported earnings, according to Bank of America Research's equity strategy group. Moreover:
→ actual earnings per share exceeded Wall Street expectations by an average of 9%;
→ EPS increased 1% compared to the same quarter last year, which is a positive sign.
This week's headliners could be reports from Tesla and Netflix, which are important components of the S&P 500 and Nasdaq indices.
Meanwhile, the S&P 500 Index chart shows its price:
→ pushed off from the lower border of the ascending channel;
→ has already exceeded the median line of the descending channel.
So the decline, which has been going on since early August, could become a technical correction as part of a longer-term rally. Barriers to its resumption may be:
→ upper boundary of the downward channel;
→ level 4,440, which served as support, but was broken by a strong bearish impulse on September 20-21.
Are bulls up to this task? If the news from Tesla and Netflix (expected tomorrow) turns out to be positive, it will help a good earnings season and a corresponding rise in the S&P 500 index amid global tensions.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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