{"id":107998,"date":"2021-10-21T08:28:00","date_gmt":"2021-10-21T12:28:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=107998"},"modified":"2022-11-21T09:48:37","modified_gmt":"2022-11-21T14:48:37","slug":"chart-advisor-tech-topping","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-tech-topping\/","title":{"rendered":"Chart Advisor: Tech Topping"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-wednesday-20th-october-2021\">Wednesday, 20th October, 2021<\/h2>\n\n\n\n<p><strong>1\/<\/strong>&nbsp;<strong>Tech diverges as markets edge higher&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>2\/&nbsp;Earnings beat doesn\u2019t translate to higher prices for Netflix<\/strong><\/p>\n\n\n\n<p><strong><strong>3<\/strong>\/&nbsp;<strong>What will Tesla tell us?&nbsp;<\/strong><\/strong><\/p>\n\n\n\n<p><strong>4\/&nbsp;The bottom line<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-tech-diverges-as-markets-edge-higher\">1\/ <strong>Tech Diverges as Markets Edge Higher&nbsp;<\/strong><\/h2>\n\n\n\n<p>Markets continued to edge higher, led by continued bullish sentiment for third-quarter earnings and a new record high for bitcoin. State Street\u2019s Dow Jones Industrial Average ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=dia&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">DIA<\/a>)&nbsp;posted&nbsp;a record high after gaining 0.4%. State Street\u2019s S&amp;P 500 Index ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=spy&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">SPY<\/a>)&nbsp;rose&nbsp;0.3% and is 0.4% from its own new high. iShares Russell 2000 ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=iwm&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">IWM<\/a>)&nbsp;gained&nbsp;0.4%, while Invesco\u2019s tech-heavy Nasdaq 100 ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=qqq&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">QQQ<\/a>)&nbsp;posted&nbsp;a minor loss, falling 0.1%.&nbsp;<\/p>\n\n\n\n<p>QQQ may have been adversely affected by Netflix (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=nflx&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">NFLX<\/a>), as the company fell more than 2% after reporting earnings. Overall, earnings reports continue to have a positive effect on the market, drowning out concerns over supply chain constraints, inflation, and the delta variant of COVID-19.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Bitcoin surged to a new all-time high, rising as high as nearly $67,000 intraday on Wednesday. The first bitcoin futures ETF,&nbsp;ProShares&nbsp;Bitcoin Strategy ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=bito&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">BITO<\/a>),&nbsp;began trading on Tuesday. In addition to a measure of validation from Wall Street with the new ETF, bitcoin is perhaps being seen as an inflation hedge, adding fuel to the current bull run.&nbsp;&nbsp;<\/p>\n\n\n\n<p>With overall uptrends appearing to continue, chart watchers should notice the difference between SPY and QQQ. The&nbsp;tech heavy&nbsp;QQQ posted a small pullback today, and with many of the mega-cap tech companies comprising the top weighted holdings of SPY, this divergence could mean that the S&amp;P 500 Index ETF may pull back to be closer in line with QQQ in the near term.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-13-1100x594.jpg\" alt=\"\" class=\"wp-image-108002 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/594;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-earnings-beat-doesn-t-translate-to-higher-prices-for-netflix\">2\/ <strong>Earnings Beat Doesn\u2019t Translate to Higher Prices for Netflix&nbsp;<\/strong><\/h2>\n\n\n\n<p>Investors bid down the share prices of Netflix (NFLX) after the company topped&nbsp;<a href=\"https:\/\/www.investopedia.com\/terms\/e\/eps.asp?utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">earnings per share (EPS)<\/a>&nbsp;expectations for the&nbsp;third-quarter. Analysts forecast&nbsp;$2.56 in EPS,&nbsp;NFLX&nbsp;<a href=\"https:\/\/www.investopedia.com\/netflix-q3-fy2021-earnings-report-recap-5206387?utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">reported<\/a>&nbsp;$3.19. Revenue met analyst expectations of $7.5 billion. Global paid streaming subscribers, a key metric for NFLX, came in higher than expected\u2014213.6 million vs 212.9 million expected. The company forecasted $0.80 in EPS next quarter, which would be down 32.8% year-over-year.&nbsp;&nbsp;<\/p>\n\n\n\n<p>NFLX shares slid&nbsp;2% and&nbsp;is currently sitting just above its 20-day&nbsp;<a href=\"https:\/\/www.investopedia.com\/terms\/m\/movingaverage.asp?utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">moving average<\/a>, as illustrated on the chart below. While investors were unimpressed by NFLX earnings, the share price is still 3% away from its 52-week high, as NFLX showed strength during the overall September slump.&nbsp;&nbsp;<\/p>\n\n\n\n<p>While options are currently priced for a move lower, it\u2019s notable that over 63% of the options volume today was calls. Option pricing had implied a 5.8% move for NFLX stock after earnings. It\u2019s possible that, although NFLX shares fell, the smaller-than-anticipated move could mean that investors see more of an upside than price action illustrates.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-14-1100x589.jpg\" alt=\"\" class=\"wp-image-108003 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/589;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-verizon-results-deliver-a-positive-surprise\">3\/ <strong>Verizon Results Deliver a Positive Surprise&nbsp;<\/strong><\/h2>\n\n\n\n<p>Shares of Verizon (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=vz&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">VZ<\/a>)&nbsp;rose&nbsp;2.5% after the company beat EPS expectations. Analysts expected VZ to report $1.36 in EPS and $33.19 billion in revenue\u2014VZ reported $1.41 in EPS and $32.92 billion in revenue. Despite the revenue miss, the VZ share price rose as the company offered better-than-expected guidance for the fiscal full year.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Today\u2019s earnings-based share price increase still sees VZ lagging its sector, as illustrated on the chart below, which compares the recent performance of VZ with State Street\u2019s Communications Sector ETF (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=xlc&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">XLC<\/a>). While many equities have benefitted from the ongoing economic recovery from the COVID-19 pandemic, VZ shares have fallen nearly 9% year-to-date, compared to a 23% rise for XLC. If today\u2019s earnings results were to kick start VZ into a reversal from its overall recent downward trend, the first indication would be that tomorrow\u2019s prices exceeded today\u2019s highs.&nbsp;&nbsp;<\/p>\n\n\n\n<p>VZ\u2019s positive earnings will likely influence analysts\u2019 expectations for other stocks in the sector, such as AT&amp;T (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=t&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">T<\/a>)&nbsp;or&nbsp;T-Mobile (<a href=\"https:\/\/www.investopedia.com\/markets\/quote?tvwidgetsymbol=tmus&amp;utm_source=chart-advisor&amp;utm_campaign=fwd_chartadvisor&amp;utm_term=25409955&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">TMUS<\/a>), to report better-than-expected earnings as well.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-15-1100x608.jpg\" alt=\"\" class=\"wp-image-108004 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/608;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-the-bottom-line\">4\/ <strong>The Bottom Line&nbsp;<\/strong><\/h2>\n\n\n\n<p>Stock indexes edged higher along with cryptocurrency prices.&nbsp;However,&nbsp;the Nasdaq 100 retreated slightly suggesting that the tech sector might be hitting resistance.&nbsp;<\/p>\n\n\n\n<p>  &#8212;   <\/p>\n\n\n\n<p> Originally posted on 20th October, 2021  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Markets continued to edge higher, led by continued bullish sentiment for third-quarter earnings and a new record high for bitcoin. State Street\u2019s Dow Jones Industrial Average ETF (DIA)\u00a0posted\u00a0a record high after gaining 0.4%. <\/p>\n","protected":false},"author":364,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14,17,18,19,8,9,1031,22,26,3],"tags":[10518,3057,208,590,2782,262,1051,1049],"contributors-categories":[13686],"class_list":{"0":"post-107998","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-etfs","7":"category-futures","8":"category-macro","9":"category-options","10":"category-region","11":"category-securities","12":"category-south-america","13":"category-stocks","14":"category-text-articles","15":"category-traders-insight","16":"tag-bito","17":"tag-dia","18":"tag-iwm","19":"tag-nflx","20":"tag-qqq","21":"tag-spy","22":"tag-tmus","23":"tag-xlc","24":"contributors-categories-investopedia"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chart Advisor: Tech Topping | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Markets continued to edge higher, led by continued bullish sentiment for third-quarter earnings and a new record high for bitcoin. 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