Market Analysis: AMZN Pulls NASDAQ Up, Expecting Help from AAPL

FXOpen

Amazon's quarterly report provided a ray of light in a gloomy environment for the tech-heavy US stock market, as the NASDAQ index fell last week to levels last seen in May.

→ AMZN EPS: actual = USD 0.94, expected = USD 0.58
→ Gross revenue: actual = $143.5 billion, expected = $141 billion
→ For the Q4, AMZN expects revenue of USD 160-167 billion
→ Revenue from Amazon Web Services grew by 12.3% year on year
→ Advertising revenue increased by 26%

However, the AMZN chart shows that:
→ the price pushed off from the lower border of the parallel channel;
→ the breakdown of the psychological level of USD 120 per share turned into a trap for the bears;
→ the price is approaching the resistance zone, which is formed by the median line of the channel and the level of USD 135.

AMZN is acting as a leader among NASDAQ stocks, but that may not be enough for the index to show positive sentiment in a market under pressure from high Fed rates.

While a report from AAPL could add some good news, it is expected on November 2, after the market closes. On the eve of the report, Apple (AAPL) presented new 3-nanometer M3 chips, as well as an updated family of MacBook Pro laptops: a 14-inch MacBook Pro for USD 1,599, and 16-inch laptops will start at USD 2,499.

Also on the radar for stock traders is the Fed meeting on November 1st.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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