Major Earnings Results may drive the Market!

Today Investors anticipate major earnings results by key players on the global economy. Google (Alphabet 2.03 EPS estimate), AMD (0.18 EPS estimate), and Starbucks (0.34 EPS estimate) are few from 280 today’s earnings. Donald Trump, US president, commented on a Monday call with the governors “Some of you might start thinking about school openings, because a lot of people are wanting to have the school openings.” Furthermore, the big US carmakers (Ford, GM, Fiat Chrysler) announced that they are about to resume their production gradually in US starting from May 18th. 

The US pre-session indicates a strong open and SP500 is ready to perform a breakout above 2900 level. NAS100 (Nasdaq) is heading back to the latest highs. The 9000 level is a strong psychological resistance.  

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SP500 daily chart
SPX500Daily 2842020

NAS100 daily chart
NAS100Daily 2842020

Heading to the forex market, EURUSD is about to violate a declining trendline to the upside as well as above 20SMA. GBPUSD is still grinding higher after testing multiple times the lower side of the rising channel. USDJPY is breaking down major support. If the pair validates the bearish breakout, this may accelerate the drop. USDCAD is heading to the lower side of the declining channel as well as closing below the 50SMA.

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EURUSD daily chart
EURUSDDaily 2842020

GBPUSD daily chart
GBPUSDDaily 2842020

USDJPY daily chart
USDJPYDaily 2842020

USDCAD daily chart
USDCADDaily 2842020

Checking the ZuluTrade’s Traders Sentiment, the community is buying GBPUSD while is selling USDJPY, USDCHF, USDCAD, and GBPJPY.

In focus today (economic calendar):

United States Case-Shiller home price index

United States Consumer Confidence

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.