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Wake Up Wall Street (SPY) (QQQ): Is this a double top?

Ivan Brian FXStreet

Here is what you need to know on Thursday, October 21:

The Dow just about managed to set a new all-time intraday high on Wednesday before coming down slightly. Now this sets up an intriguing potential double top. Stocks are set to open lower on Thursday, so technical analysts will be all over this one. The latest rally has not been the broadest with the number of stocks making new highs falling and also the number of stocks above the 200-day moving average.

The dollar is calm as yields are steady and stocks are strong. The dollar is at 1.1644 now versus the euro. Bitcoin is all the rage after the launch of the first futures ETF on Tuesday. More similar ETFs are soon to come. Bitcoin tops out at new all-time highs but is back to $65,000 now. Gold is at $1,783.

See forex today

European markets are mostly flat: Eurostoxx and Dax are flat, FTSE is -0.3%.

US futures are lower: S&P, Nasdaq and Dow are all down -0.15%.

Wall Street (SPY) (QQQ) news

AT&T (T) beats estimates, stock up over 1% premarket.

Tesla (TSLA) beat last night on EPS, revenue and margins.

IBM misses on revenue and stock drops over 4%.

American Airlines (AAL) reports a surprise profit. EPS and revenue beats.

Dow (DOW) beats on revenue and EPS, up 1% premarket.

Quest Diagnostics (DGX): $3.96 EPS v $2.88 estimate, up 3% premarket.

Paypal (PYPL) reportedly bidding for Pinterest (PINS), see more.

Crocs (CROX) up over 10% as earnings again smash it. Sales up nearly 70%.

Southwest Airlines (LUV) beats on EPS and revenue.

Unilever (UL) up 1% on resutls.

Pfizer (PFE) BioNTech (BNTX): research from Israel shows strong protection against Delta variant.

Earnings, upgrades, downgrades and premarket movers

Source: Benzinga Pro

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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