US Market

The weekly US30 chart has an interesting shape to it. Since May, the index has charted a broadening pattern, defined by a higher peak followed by a lower trough.

The tech-heavy index remains upbeat after last week’s surge, as investors prepare for earnings releases, frpm tech mega-caps, such as Alphabet, Microsoft, Meta Platforms, Amazon and Apple

Since Friday (black dashed vertical), US 10-year real rate (top candlestick chart) has declined. At the same time, the US30 (bottom candlestick chart) has appreciated. The two have a correlation coefficient of -65%, reinforcing the inverse relationship.

The leader of the Electric Vehicle (EV) market announced overall strong financial results for the third quarter of the year, after the US markets closed on Wednesday

The tech-heavy index started the week on the offensive after the recent 2+ year lows, but slides today, unable to benefit from the solid quarterly results by streaming giant Netflix

The FXCM US.BANKS basket has moved into its bullish channel between the upper blue and red bands (top). Moreover, its stochastic (middle) is moving towards the 80+ levels (red arrow). If it hits and maintains, the positive momentum will likely be price supportive.

After a dismal first half of the year, the streaming giant staged an impressive turnaround, adding almost 2.5 million new subscribers during the third quarter, as per Tuesday’s earnings report

The NAS100 has a positive sentiment heading into the cash open. The H4 chart on the left shows the index positioned between the upper blue and red bands in its bullish area. However, the hourly chart on the right suggests a potential higher trough (HT?). An hourly close above the green horizontal would increase the likelihood of this scenario and lay the platform for the next higher peak.

The US30 jumped 2% yesterday, pushing the index into its bullish area between the upper blue and red bands. The daily stochastic is heading towards the 80+ area (green rectangle). If it hits and maintains, an underlying bullish momentum will be present.

NAS100 started this week in similar fashion to the prior one, since it set fresh two-year lows, as markets gear up for US CPI inflation update and the last earnings season of the year

Tuesday marked another episode to the acquisition saga, as Tesla’s CEO offered to buy Twitter at the original price of the April agreement, after previously having backed away from the deal