Despite the promising results, gloomy expectations haunt the market for a significant decline in corporate earnings amid a sharp slowdown, and falling demand is slowly fading.
However, Wall Street indices had another day of gains, of 1.55% in the case of the technological Nasdaq. More significant is that technically, they are beginning to give very positive signals, surpassing technical reference levels.
Nasdaq has already broken above the 12.233 level, which is the 0.618% Fibonacci retracement of the bearish leg that started in early June. It is now heading towards the 12,947 area, the previous high that marked the point above which the bear market started earlier this year would technically end.