Market Analysis: Wall Street Awaits Earnings from Tesla and Netflix


According to Yahoo Finance, the third-quarter earnings season started well despite the uncertain macroeconomic environment.

Already, 32 companies in the S&P 500 have reported earnings, according to Bank of America Research's equity strategy group. Moreover:
→ actual earnings per share exceeded Wall Street expectations by an average of 9%;
→ EPS increased 1% compared to the same quarter last year, which is a positive sign.

This week's headliners could be reports from Tesla and Netflix, which are important components of the S&P 500 and Nasdaq indices.

Meanwhile, the S&P 500 Index chart shows its price:
→ pushed off from the lower border of the ascending channel;
→ has already exceeded the median line of the descending channel.

So the decline, which has been going on since early August, could become a technical correction as part of a longer-term rally. Barriers to its resumption may be:
→ upper boundary of the downward channel;
→ level 4,440, which served as support, but was broken by a strong bearish impulse on September 20-21.

Are bulls up to this task? If the news from Tesla and Netflix (expected tomorrow) turns out to be positive, it will help a good earnings season and a corresponding rise in the S&P 500 index amid global tensions.

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