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DJIA, The US Stock Market is Preparing to Continue its Growth

1/26/2023 1:00 PM

The Dow Jones index is correcting in a local trend at 33761.0, while the stock market volatility is increasing against the background of the ongoing period of corporate reporting.

Tesla Inc., an electric car maker, released financial results yesterday, with fourth-quarter revenue of 24.32 billion dollars, lower than forecast of 24.68 billion dollars, and with earnings per share of 1.19 dollars, higher than the previous quarter's figure of 1.05 dollars. In turn, technology giant IBM Corp. posted revenue of 16.70 billion dollars against a forecast of 16.13 billion dollars and earnings per share of 3.60 dollars, well above 1.81 dollars a quarter earlier.

Among the negative publications, one can single out yesterday's report of the manufacturer of aviation, space and military equipment, Boeing Co., whose quarterly revenue amounted to 19.98 billion dollars, an increase of 35.0% compared to the previous quarter. The company's recovery still failed to turn it into profit, with a loss per share of 1.75 dollars after -6.18 dollars per share in the previous quarter.

The growth leaders in the index are The Walt Disney Co. (+2.00%), McDonald’s Corp. (+1.28%), Walgreens Boots Inc. (+1.06%).

Among the leaders of the decline are 3M Co. (-1.80%), The Travelers Companies Inc. (-1.30%), Amgen Inc. (-1.22%).

On the daily chart, the index quotes continue corrective dynamics, again trying to overcome the channel's resistance line at 34160.0.

Technical indicators are in a state of uncertainty, having issued a new local buy signal: the range of EMA fluctuations on the Alligator indicator started expanding in the direction of growth, and the histogram of the AO oscillator is forming new ascending bars in the purchase zone.

Support levels: 33300.0, 32500.0. | Resistance levels: 34160.0, 35300.0.

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