Technical Analysis:
Currently NASDAQ is near Previous week low and if price grabs liquidity from PWL we can expect it to again shift structure to the upside and and move towards 20000. We need price to dip below 19474 and then give us a MSS to the upside.
Fundamentals:
Wall Street was set for a subdued open on Tuesday amid a mixed bag of corporate results, as investors awaited Big Tech earnings from Alphabet and Tesla later in the day to assess if the market's recent record rally has momentum to spare.
With investors returning to megacap growth stocks on Monday, the S&P 500 SPX and the Nasdaq IXIC logged their biggest one-day gain in more than a month, snapping a three-day losing streak triggered by investors exiting megacap tech stocks in favor of underperforming sectors.
Attention now turns to results from technology behemoths, which will be key to determine whether 2024's record rally can be sustained as investors assess whether U.S. stocks are overvalued, or have more room to rise.
Alphabet GOOG and Tesla TSLA, two of the so-called Magnificent Seven companies, are set to report quarterly results after markets close. In a largely mixed premarket session for the group, their shares were up 1% and 1.2%, respectively,
"Investors always reward growth, and if those smaller companies who've been overlooked for the first six months can show outperformance against their peers on a percentage basis, they're going to get the love," said Kim Forrest, chief investment officer at Bokeh Capital Partners.
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