Technical analysis

Big Tech Earnings Set to Steer US Markets into Year-End.

The technicals remain bullish on both daily and weekly time frames, while in sentiment it’s a story of majority buy bias.

The S&P 500 finished the day higher by around 60 bps but, for the second time this week, failed to surpass the 6,750 level.

Quantum computing stocks have surged as investors race to invest in the potentially revolutionary technology.

Gold and silver continued to experience considerable volatility during trading on Wednesday, 22 October, with both metals seeing notable intraday fluctuations.

The technical overview shifted to volatile before last Tuesday’s plunge putting breakout strategies in play, while in sentiment fresh longs remain exposed.

The S&P 500 spent most of Tuesday, 21 October, trading sideways. However, gold and other precious metals made up for the lack of excitement in equities, with gold prices plunging by more than 5%.

Netflix approaches a key technical area as it approaches Q3 earnings, with the technical setup suggesting this could be a make-or-break moment for the stock.

Stocks increased on Monday, 20 October, as implied volatility levels dropped sharply ahead of VIX options expiry on Wednesday morning, which helped boost the stock market.

Options expiration is now behind us, which should lead to a broader trading range across the stock market and potentially greater volatility.