Stream of US earnings reports for Q2 2022 is getting more diverse this week and will no longer be dominated by financial institutions as the previous one was. Investors will be offered more reports from tech companies this week, including a report from Netflix today and a report from Tesla tomorrow (both reports to be released after market close). Earnings report from IBM released yesterday in the evening turned out to be better-than-expected in terms of sales and profits. However, IBM trimmed the full-year forecast, leading to a share price drop in the after-hours trading. Was it just a company-specific forecast downgrade or is it a beginning of a broader trend? We shall get more clarity in the coming days as more tech reports are released. However, Apple's plans to reduce hiring and spending in 2023 does not paint a bright picture.
Taking a look at tech index Nasdaq-100 (US100) at H4 interval, we can see that the index has pulled back from the 12,175-12,250 pts resistance zone yesterday and reached the 11,900 pts area where 50- and 200-period moving averages can be found. A drop was halted in this area, at least for now. Should bears regain control and push the price below the aforementioned moving averages, a pullback towards the support zone in the 11,700 pts area may be on the cards.
Source: xStation5
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