Tesla, Meta, Google and Disney all higher last 5 days
MARKET TALK
MARKET TALK
- Big tech up sharply during the last 5 days, are investors discounting the “pending” recession and betting on the strength of the US consumer to support big tech earnings throughout 2023?
Tesla: up +9.43% last 5 days; earnings beats the street reported record revenue for Q4 2022
Meta: up +5.75% last 5 days; earnings due out on February 2nd; estimate to earn $1.5 per share against previous actual earnings of $1.64 per share (EPS)
Google: up +7.02% last 5 days; are the recent headcount and cost reductions good for shareholders?
Walt Disney : up + 6.10 % last 5 days; reports earnings on 8th of February; estimate to earn $0.8012 cents per share against the $0.3 cents per share earned during previous earnings period
TECHNICAL COMMENTARY
NASDAQ 100 Index (US 100 CFD)
Faceing hard resistance at its 200 day moving average….can the prevailing short term uptrend remain intact?
Multi week higher tops and higher bottoms on price indicate a prevailing short term uptrend (5-13 days), the index faces strong resistance around the 200 day moving average spotted near to the $11,950 (round number) while downside very short term (1-5 days) support seen at $11,740 and $11,550; provided price can hold above these supports or manage to break above its 200 day moving average (see chart) the prospects favor a continuation of the prevailing uptrend for short term (14-25 days) upside potential targets towards the $12,420s.
Not investment advice. Past performance is not indicative of future results.