Solid News

DJIA Corporate Reporting Supports the Index

11/29/2022 12:53 PM

The Dow Jones is correcting in a local uptrend, trading at 33956.0.

The situation on the domestic US bond market is beginning to change as a long downward correction seems to be over. The popular 10-year US Treasury bonds are trading at 3.713%, off last week's low of 3.650%, while the conservative 20-year ones are trading at 3.978%, up from the 3.934% hit late last week.

E-commerce services company Pinduoduo released its financial results this week, posting an all-time high of 35.5 billion dollars in revenue, well above analysts' forecast of 30.71 billion dollars. Earnings per share also hit a record high of 8.62 dollars versus the projected 4.79 dollars. Despite the fact that the report was published yesterday, the company is still one of the market leaders, rising by 12.5%.

On Wednesday, financial statistics will be presented by the developer of the CRM system Salesforce Inc. Analysts also expect it to outperform the previous quarter, with revenue expected at 7.83 billion dollars and earnings per share of 1.22 dollars, up from the 1.19 dollars reported a quarter ago.

The growth leaders in the index are Merck & Company Inc. (+0.88%), Walmart Inc. (+0.29%), Salesforce Inc. (+0.22%).

Among the leaders of the decline are Boeing Co. (-3.66%), 3M Co. (-3.41%), The Walt Disney Co. (-3.22%).

On the daily chart, the index quotes continue their corrective dynamics and rise, reaching a local high of early August at around 34400.0.

Technical indicators are holding a buy signal, which is still quite strong. The range of EMA fluctuations on the Alligator indicator expands in the direction of growth, and the histogram of the AO oscillator is forming new multidirectional bars in the purchase zone.

Support levels: 33450.0, 32550.0. | Resistance levels: 34400.0, 35300.0.

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