USA500 Looking for highs or is it going to fall?
Today, as a good Friday of results, the US market started upwards with the expectations of the 7 majors providing bullish joy in its premarket, despite the fact that important companies such as Intel or Hertz are not giving good data in their quarterly report.
Mostly technology and services stocks have had mixed results, but the Oil & Gas sector has been homogeneous marking losses in its production process due to tight business margins. Alphabet (+12%) being the top performer, followed by Microsoft (+4.3%), Snapchat (down -25%), Intel (-8%) being that it disappointed investors, Exxon (-1%) and Chevron (-0. 4%) as their gas margins have been tighter than expected, Philips 66 (-5.6%) reported worse results in crude refining margins, and finally Hertz Global (-5.1%) reported considerable losses, Centene (+3.1%) improved its expectations.
Today we have PCE Consumption and Personal Income and Spending reports, as well as consumer sentiment from the Michigan Fed, which may be key to what America thinks of its national consumption. On the other hand, refiner Baker Huges will provide its extraction report which is often used as a yardstick to measure extractive capacity in hamburger country. In this case, expectations are expected to be low and this could affect the sector of the most affected companies in this last quarterly balance.
If we look at the technical section, the S&P500 has 1.32% left to recover the trading area where it was located on Monday, April 15, if it breaks that price zone, we can see if it is looking for new highs. Although clearly the RSI marks 58.47% and does not seem to want to continue rising strongly having had such strong oversold areas in recent weeks. In fact, its control point is much lower, so it is likely that it cannot seek new highs without disarming the price strongly even to reach prices of early December 2023.
Ion Jauregui - AT Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Mostly technology and services stocks have had mixed results, but the Oil & Gas sector has been homogeneous marking losses in its production process due to tight business margins. Alphabet (+12%) being the top performer, followed by Microsoft (+4.3%), Snapchat (down -25%), Intel (-8%) being that it disappointed investors, Exxon (-1%) and Chevron (-0. 4%) as their gas margins have been tighter than expected, Philips 66 (-5.6%) reported worse results in crude refining margins, and finally Hertz Global (-5.1%) reported considerable losses, Centene (+3.1%) improved its expectations.
Today we have PCE Consumption and Personal Income and Spending reports, as well as consumer sentiment from the Michigan Fed, which may be key to what America thinks of its national consumption. On the other hand, refiner Baker Huges will provide its extraction report which is often used as a yardstick to measure extractive capacity in hamburger country. In this case, expectations are expected to be low and this could affect the sector of the most affected companies in this last quarterly balance.
If we look at the technical section, the S&P500 has 1.32% left to recover the trading area where it was located on Monday, April 15, if it breaks that price zone, we can see if it is looking for new highs. Although clearly the RSI marks 58.47% and does not seem to want to continue rising strongly having had such strong oversold areas in recent weeks. In fact, its control point is much lower, so it is likely that it cannot seek new highs without disarming the price strongly even to reach prices of early December 2023.
Ion Jauregui - AT Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.