Daily Review for July 29, 2022
Apple exceeded market expectations, reaching record sales of iPhones, which generated earnings per share of USD$1.2, sales for Q2 of USD$82.96 Billion and thus reaching a market cap of USD$2.54 Trillion.
Along with the Nasdaq 100, and the other Wall Street stock indexes, Bitcoin rebounded, reaching the USD$24,000 area.
Wall Street drives European markets. The Eurostoxx 50 is currently up 1.75% and is trading at 3,668 points.
The Chinese government announced the first discovery of offshore oil reserves. On the other hand, OPEC+ plans to maintain production plan increases.
| NASDAQ 100 +1.18% |
| Apple exceeded market expectations, reaching record Iphone sales, which generated earnings per share of USD$1.2, sales for Q2 of USD$82.96 Billion and thus reaching a market cap of USD$2.54 Trillion. The company’s stock is trading at USD$157.35 rising 3.44% in the aftermarket. Apple’s results have pushed the Nasdaq 100 index up 1.18% and traded at 12,884 points. Amazon, for its part, exceeded market expectations in terms of its operating income, which reached USD$121 billion. |
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| Support 1: 12767.4 Support 2: 12633.1 Support 3: 12554.2 Resistance 1: 12980.6 Resistance 2: 13059.5 Resistance 3: 13193.8 Pivot Point: 12846.3 |
| The price is above the 200-day moving average, between resistance 3 and support 1. Expected trading range between 12,554 and 13,193. Pivot point for trend change at 12,846. RSI neutral, so traders may begin to take profits, while the Bulls begin to focus on the 13,000 points. |
| BITCOIN +4.82% |
| Along with the Nasdaq 100, and the other Wall Street stock indexes, the Bitcoin rebounded, reaching the USD$24,000 area. Bitcoin is currently up 4.82% and is trading at USD$23,952. Investors are calmer, as the FED is evaluating a scenario where inflation has already peaked, so interest rate hikes should not be so high. In addition to the above, the next FED meeting is until September 21, so the market has plenty of time for fundamentals. |
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| Support 1: 23785.6 Support 2: 23652.3 Support 3: 23471.6 Resistance 1: 24099.6 Resistance 2: 24280.3 Resistance 3: 24413.6 Pivot Point: 23966.3 |
| The price is above the 200-day moving average, which is a bullish signal for Bitcoin. Price is between resistance 1 and support 1. Expected trading range between USD$23,471 and USD$24,413. Pivot point for trend change at USD$23,966. RSI in overbought zone, so traders could take profits of 16.91% from the rebound that started at USD$20,668. |
| EUROSTOXX 50 +1.75% |
| Wall Street is driving the European markets. The Eurostoxx 50 is currently up 1.75% and is trading at 3,668 points. Traders are keeping an eye on macroeconomic results in Europe. Among them, the unemployment rate in Germany, the GDP in Germany and the inflation rate in the Euro Zone. Analysts expect inflation to come in at 8.6% YoY. For the time being, a bullish market is expected, as the next Fed meetings are due in September and the ECB has no further intention of raising rates in the coming months. |
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| Support 1: 3666 Support 2: 3664 Support 3: 3663 Resistance 1: 3669 Resistance 2: 3670 Resistance 3: 3672 Pivot Point: 3667 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between 3,663 and 3,672. Pivot point for trend change at 3,667. RSI in overbought zone, which could increase selling interest, unless the market momentum continues towards 3,700 points. |
| WTI +0.89% |
| The Chinese government announced the first discovery of offshore oil reserves. On the other hand, OPEC+ plans to maintain production plan increases. The European Union, for its part, continues to promote cuts and the rational use of natural gas and gasoline in the Euro Zone. Fundamental data indicates the high level of demand, as well as new supply volumes derived from the G7 strategic reserves. WTI is currently up 0.89% and is trading at USD$97.58 per barrel. |
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| Support 1: 97.26 Support 2: 97.08 Support 3: 96.89 Resistance 1: 97.63 Resistance 2: 97.82 Resistance 3: 98.00 Pivot Point: 97.45 |
| The price is at the same level of the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$96.89 and USD$98. Pivot point for trend change at USD$97.45. RSI neutral, so the price could continue to climb trying to break the limit of USD$100 per barrel. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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