Those who can share their inputs or interested in daily stock market discussion, please join this thread.
FUTURES TICK LOWER AS RETAIL EARNINGS KICK OFF 17th Aug - 2022 NASDAQ 100 is trading down 0.03% at 13673.24 U.S. stock index futures inched lower on Tuesday as investors assessed results from retailers Walmart (NYSE: WMT) and Home Depot, while signs of a slowing global economy continued to keep investors on edge. Walmart Inc rose 3.3% in trading before the bell as the world’s largest retailer forecast a smaller drop in full-year profit than previously projected. Home Depot Inc (NYSE: HD) fell 1.1% even as the home improvement chain reported quarterly comparable sales above analysts’ estimates. Despite a rough start to the year on fears of surging prices and rising rates tipping the U.S. economy into a recession, Wall Street indexes have recovered some of their sharp losses in recent weeks on signs that inflation has peaked. The tech-heavy Nasdaq index has bounced nearly 24% off its mid-June lows. Better-than-expected earnings from corporate America have been a bright spot for U.S. equities recently, with 77.6% of the S&P 500 companies that have reported results as of Friday beating analysts’ estimates, according to Refinitiv data. The focus will be on retail earnings and retail sales data this week for more clues on the impact of inflation on consumer behavior. Investor sentiment is still bearish, but no longer “apocalyptically” so, according to BofA’s monthly survey of global fund managers in August, as hopes rise that inflation and interest rate shocks will end in the coming quarters. At 07:12 a.m. ET, Dow e-minis were down 17 points, or 0.05%, S&P 500 e-minis were down 5.5 points, or 0.13%, and Nasdaq 100 e-minis were down 18.25 points, or 0.13%. On technical fronts, NASDAQ 100RSI stood at 70.00, and currently, it is trading above all MA. So, the BUY position can be taken with the following target and stop-loss: TRADE SIGNAL – : NASDAQ 100 – BUY: 13665.99, TARGET: 13704.74, STOP LOSS: 13644.64 Full Article - CapitalStreetFX
