There was a lot of movement on the stock market again this week. This time it was not triggered by economic data, but rather after the start of the US quarterly season by companies on the stock market itself. We introduce two representatives whose balance sheets were the trigger for double-digit price movements after the general part of the market – they were Tesla and Netflix.
But first we looked at the chart image of the DAX, which continued to lose ground at the end of the week and was therefore trading below the 15,000 mark and is likely to have its first closing price there in around half a year. In the previous weeks it was no longer able to overcome the important zone of 15,500 points, so the pressure now seems to be unloading on the downside.
The Nasdaq also came under heavy pressure this trading week. The previous week’s movements already showed the first signs of a sell-off. The medium-term downward trend from the annual highs in the daily chart was touched, but not exceeded. In addition, strong economic data from the USA signal continued robust growth in the US economy. At the same time, the Dow Jones and the broad S&P500 were part of the stock market analysis.
The “money” primarily sought other asset classes this week. The strong gold price, which is trending towards the 2,000 mark, was just as noticeable as Bitcoin, which is magically drawn to the 30,000 mark. We have taken both chart images into account for you in the analysis. Roland Jegen uses the Nanotrader and corresponding futures prices for the technical assessment.
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From the stock sector, in addition to the aforementioned reactions from Netflix and Tesla, we also talked about the quarterly figures from Procter & Gamble. A sideways phase is more likely to be diagnosed here, while Tesla is finding broad support and missed Wall Street’s expectations for the first time in 5 quarters. The new Cybertruck is scheduled to be delivered from November 30th, but the discounts on the established models were only able to stimulate sales growth to a limited extent.
In the same slide, Lucid Motors also hit new all-time lows.
The clear winner on the market is Netflix, which won the favor of investors with its theme park fantasy and increasing subscriber numbers. In the previous week they also turned to Coca Cola and McDonalds again. Last week we talked about these two consumption stocks and the multi-year support that initially provided stability.
There is currently no stopping at the pharmacy chain Wallgreeens Boots Alliance – there is also a separate format for this in the Freestoxx channel. Chip values were also under pressure. As a representative, we looked at the heavyweight Nvidia and, as an outlook on the coming quarterly figures for the new week, also at Intel and Microsoft, which as a heavyweight is now also a big player in the gaming sector after taking over Activision Blizzard.
With further values we took a comprehensive look at the US market at the end of the week will be expanded again on Monday with the tops and flops.
These and all other US stocks can be traded commission-free without a spread surcharge in the Freestoxx offer:
That’s exactly what Roland Jegen and Andreas Bernstein talk about and give an outlook on support and resistance in various indices, raw materials, currencies and stocks that are currently in focus. This creates potential opportunities for our trading.
What can we expect moving forward? All insights can be found in our video!
Risk notice
This article is the personal opinion of the author. It serves as information only. These analyzes should not be interpreted as investment or wealth advice. An investment decision regarding any securities or other financial instruments requires background knowledge of your personal situation, which the author does not know. This content is out of date and will not be updated after publication.
Every investment involves risks. Every investor should check, if possible with the help of an external advisor, whether these financial instruments are suitable for their personal situation. Winnings made on a demo account are not a guarantee of future winnings. Using leverage involves the risk of losing more than the total amount of the account. You are not required to use leverage.
