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

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.