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S&P 500 Market Update

1/23/2023 1:15 PM

The leading US economy index S&P 500 is correcting, trading at around 3970.0.

Against the backdrop of the ongoing period of corporate reporting, volatility in the US stock market has noticeably increased. Shares of the streaming service Netflix Inc. remain among the sector leaders, rising by 8.4%. The day before, the company reported an increase in the number of subscribers to 7.7 million, which significantly exceeded analysts' expectations at 4.58 million. Against the background of the market reaction to the indicator, Netflix Inc. reported that in the future they would not publish these data in the public domain, so as not to have an increased impact on asset quotes.

Another volatility leader is Tesla Inc., an electric car maker. As The Wall Street Journal recently reported, on the eve of a disappointing report on a drop in car shipments, CEO Elon Musk sold shares of Tesla Inc. in the amount of about 3.6 billion dollars, expecting a decrease in quotations.

Tomorrow, volatility in the corporate sector may increase again, as Microsoft Corp., Johnson & Johnson Co., Verizon Inc. and other large manufacturing companies will publish their reports.

The growth leaders in the index are SVB Financial Group (+16.56%), Synchrony Finance (+8.69%), Netflix Inc. (+8.46%), Signature Bank (+7.47%).

Among the leaders of the decline are Goldman Sachs Inc. (-2.54%), Everest Re Group Ltd. (-1.79%), Williams Companies Inc. (-1.47%).

The index quotes continue the local corrective trend, holding below the support line of the rising corridor on the daily chart.

Technical indicators have reversed again and issued a buy signal: fast EMAs on the Alligator indicator crossed the signal line from below, expanding the fluctuation range, and the AO oscillator histogram, moving into the buy zone, continues to form corrective bars.

Support levels: 3900.0, 3760.0. | Resistance levels: 4010.0, 4140.0.

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