What’s in Today’s Report:
- Bounce or Bottom? Updated Market Technicals
Futures and global markets are sharply lower and have given back most of Thursday’s gains as it was another bad night of corporate earnings.
AMZN and GOOGL both posted disappointing earnings and that caused a resumption of the weakness in tech, which is dragging global markets lower.
The only notable economic data was German GkK Consumer Climate, which was unchanged at 10.6.
Today we get Initial Q3 GDP (E: 3.3%) but that won’t move markets unless it’s a major disappointment (remember GDP is very backward looking).
Bottom line, markets look like they are going to open sharply lower, so holding Thursday’s lows, especially in the Nasdaq (7099) is important, otherwise we could be looking at another Wednesday washout.