Market Analysis: AMZN Pulls NASDAQ Up, Expecting Help from AAPL

<img src="https://images.unsplash.com/photo-1556382363-8967ad2b37f0?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDV8fGFtYXpvbnxlbnwwfHx8fDE2OTg3NDM1MTB8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: AMZN Pulls NASDAQ Up, Expecting Help from AAPL" /><p>Amazon&apos;s quarterly report provided a ray of light in a gloomy environment for the tech-heavy US stock market, as the NASDAQ index fell last week to levels last seen in May.</p><p>→ AMZN EPS: actual = USD 0.94, expected = USD 0.58<br>→ Gross revenue: actual = $143.5 billion, expected = $141 billion<br>→ For the Q4, AMZN expects revenue of USD 160-167 billion<br>→ Revenue from Amazon Web Services grew by 12.3% year on year<br>→ Advertising revenue increased by 26%</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/312–2-.png" alt="Market Analysis: AMZN Pulls NASDAQ Up, Expecting Help from AAPL" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/312–2-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/312–2-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/312–2-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/312–2-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>However, the AMZN chart shows that:<br>→ the price pushed off from the lower border of the parallel channel;<br>→ the breakdown of the psychological level of USD 120 per share turned into a trap for the bears;<br>→ the price is approaching the resistance zone, which is formed by the median line of the channel and the level of USD 135.</p><p>AMZN is acting as a leader among NASDAQ stocks, but that may not be enough for the index to show positive sentiment in a market under pressure from high Fed rates.</p><p>While a report from AAPL could add some good news, it is expected on November 2, after the market closes. On the eve of the report, Apple (AAPL) presented new 3-nanometer M3 chips, as well as an updated family of MacBook Pro laptops: a 14-inch MacBook Pro for USD 1,599, and 16-inch laptops will start at USD 2,499.</p><p>Also on the radar for stock traders is the Fed meeting on November 1st.</p>