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Nasdaq 100 Market Update
1/30/2023 1:01 PMOne of the leading US index Nasdaq 100 shows corrective dynamics, being at the level of 12113.0 against the background of positive reporting of the components, the publication of which has entered its main phase, including companies from the leading technology and consumer sectors.
On Friday, the financial results of one of the largest payment systems in the US, American Express Co., were published, demonstrating revenue of 14.20 billion dollars, which surpassed the previous quarter's figure of 13.56 billion dollars, as well as earnings per share at 2.07 dollars, down from 2.47 dollars a quarter earlier. In addition, consumer goods manufacturer Colgate-Palmolive Co. recorded earnings per share of 0.77 dollars, up from the 0.74 dollars shown in the previous quarter, and revenue of 4.63 billion dollars after 4.46 billion dollars in the prior period.
In turn, the report of the large oil-producing corporation Chevron Corp. reflected a drop in revenue to 56.47 billion dollars from 66.64 billion dollars in the previous quarter, as well as a drop in earnings per share from 5.66 dollars to 4.09 dollars. According to reports from the company, this was due to the decline in quotations of "black gold" on world exchanges after their growth in the middle of last year.
The growth leaders in the index are Lucid Group Inc. (+43.00%), Tesla Inc. (+10.99%), Rivian Automotive Inc. (+8.30%), Airbnb Inc. (+5.96%).
Among the leaders of the decline are KLA Corp. (-6.85%), Intel Corp. (-6.41%), Charter Communications Inc. (-3.89%), O’Reilly Automotive Inc. (-3.68%).
On the daily chart, the index quotes are correcting as part of the global Expanding Formation pattern, approaching the resistance line.
Technical indicators maintain a steady buy signal: fast EMAs on the Alligator indicator are still moving away from the signal line, and the AO oscillator histogram is forming new upward bars, being in the buy zone.
Support levels: 11700.0, 10700.0. | Resistance levels: 12550.0, 13660.0.