FxNews—The S&P 500 started the week positively, increasing by 0.3% and reaching a new high, continuing the momentum from the previous Friday. The Nasdaq saw a rise of 0.6%. However, the Dow Jones experienced a drop of about 140 points following a recent peak.
The daily chart below demonstrates that the index is in an uptrend, trading inside the bullish channel. As of this writing, the SP 500 is trading at approximately $5,859.
Earnings Update: Netflix, J&J, Goldman Sachs & More
This week marks a busy period as numerous companies announce their quarterly earnings. Watch out for updates from major firms like UnitedHealth, J&J, Bank of America, Goldman Sachs, Citigroup, Charles Schwab, Abbott, Morgan Stanley, Netflix, Blackstone, P&G, and American Express.
The Netflix 4-hour chart above shows the price dipped below the median line of the bullish flag, trading at approximately $722.
From a technical standpoint, if the bears keep Neflix’s price below the median line, the dip that began today can potentially extend to the lower line of the flag, backed by the 50-period simple moving average, the $700 mark.
Apple, Nvidia Lead as Tech Stocks Surge
Technology led the gains among sectors, performing the best, while the energy sector didn’t do as well.
Among the tech giants, Apple saw an increase of 1.1%, Microsoft was up by 0.5%, Nvidia jumped by 2.4%, Meta rose by 0.6%, and Alphabet increased by 0.8%. Amazon’s shares remained nearly unchanged.
Apple Inc.’s share prices stabilized above the 78.6% Fibonacci retracement level, which is active support. The next critical resistance area is $233, which will likely be revisited in the upcoming trading sessions.
Please be advised the primary trend is bullish because the price is above the 50-period SMA. That said, the uptrend remains valid as long as Apple’s price is above the ascending trendline, as shown in the image.
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In other news, Boeing’s shares fell by 3.3% following Citigroup’s downgrade in its price target.