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The Close of a Bar is Meaningless
By
joshdance, in Technical Analysis
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By Stocks4life · Posted
$GM General Motors stock top of range breakout watch, https://stockconsultant.com/?GM -
By Stocks4life · Posted
$STOK Stoke Therapeutics stock back to 11.39 gap support with high trade quality, https://stockconsultant.com/?STOK -
By Stocks4life · Posted
$HPE Hewlett Packard Enterprise stock low volume pullback to the 17.02 triple+ support area, https://stockconsultant.com/?HPE -
By Stocks4life · Posted
$VKTX Viking Therapeutics stock attempting to move higher off the 64.24 support area, volume 47% above normal, https://stockconsultant.com/?VKTX -
By HFblogNews · Posted
Date: 26th April 2024. Alphabet Easily Beat Earnings Predictions But Focus Shifts to Today’s PCE Data. Microsoft and Alphabet’s earnings reports beat expectations pushing the NASDAQ to the top of the charts. The Bank of Japan keep interest rates unchanged applying pressure on the Japanese Yen. The Yen Index declines 0.36% and is down 40% against the USD over the past 5 years. The US GDP growth rate falls below its 2.5% expectations, reading 1.6%, but economists advise the Fed may only cut once in 2024! The market turns its attention to the Core PCE Price Index which analysts expect to fall from 2.8% to 2.6%. USA100 – Alphabet Easily Beat Analysts’ Earnings Predictions and Sees its P/E Ratio Fall! The price of the NASDAQ ended the day higher and rose to a slightly higher high. As a result, the index is close to forming a traditional bullish trend and making Wednesday’s decline a retracement or medium-term correction. In terms technical analysis, indicators are mainly indicating a reverting price condition where the asset cannot maintain longer term momentum. However, momentum indications provide a slight bullish bias. The upward price movement is being driven by earnings reports from Microsoft and Alphabet which beat earnings expectations. Microsoft is the most influential stock for the NASDAQ while Alphabet is the third most influential. Alphabet’s earnings beat expectations by 21.61% and revenue rose more than $6 billion. As a result, the price of the stock rose 11.56% after market close. Furthermore, Microsoft’s Earnings Per Share beat Wall Street’s expectations by 3.40% and revenue by 1.50%. The stock rose by 4.30% after market close and is close to trading at the all-time high. However, investors should note that from the “magnificent 7”, Alphabet and Meta have the lowest Price to Earnings ratio. Meaning these stocks are the most likely to be trading below their intrinsic value. However, investors should note that negatives for the stock market in general remain. This also supports the bias shown by technical analysis. The GDP growth rate fell considerably below expectations while inflation data continues to show signs of rising prices. Investors will closely be monitoring today’s Core PCE Price Index which is the most watched index by the Federal Reserve. Analysts expect the Core PCE Price Index to fall from 2.8% to 2.6%. If the index reads more than 0.3%, a rate cut will become unlikely making stocks less attractive. Whereas, if the PCE Price Index is not as high as expectations, Bond Yields will likely decline, as will the US Dollar and a rate cut will be put back on the table. As a result, investors may look to take advantage of the strong earnings and continue purchasing stocks. USDJPY – BOJ Hold Interest Rates Unchanged! The price of the USDJPY exchange rate again rose to an all-time recent high after increasing in value for 3 consecutive days. Trend and momentum-based indicators point towards a higher price. However, the exchange rate is trading within the overbought range of most oscillators and is also showing a divergence pattern. Both are known to indicate a decline, but not necessarily a complete change of trend. The Bank of Japan’s statement from earlier this morning was largely “dovish” and gave no clear indication that the central bank wishes to keep rising interest rates. However, shortly the Governor will answer questions from journalists and may give a more hawkish tone. Either way, investors are mainly concentrating on if the Federal Government will again opt to intervene within the currency market. Most economists believe the intervention will only come if the USD continues to rise and it will not be before the Core PCE Price Index. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. 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