The SP 500 Is Still Consolidating After Making a New Record High on November 9th

On Tuesday, Autodesk (ADSK) is anticipated to release third quarter EPS of $0.96 vs $0.78 last year on revenue of $941.8 million compared to 842.7 million a year ago. Autodesk is an application software company and on November 17th, the Co announced that it signed a definitive agreement to acquire Spacemaker, a company that uses cloud-based artificial intelligence (AI) software to analyze and design real estate, for 240 million dollars. The deal is expected to close during Autodesk's fourth quarter of fiscal year 2021, ending January 31, 2021. Looking at a daily chart, the RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day MA (respectively at $249.32 and $242.07). We are looking at the final target of $288.20 with a stop-loss set at $242.20.

Also on Tuesday, Hormel Foods (HRL) is expected to announce fourth quarter EPS of $0.44 compared to $0.47 a year ago on revenue of $2.6 billion vs $2.5 billion the year before. The Co produces meat and food products, and its current analyst consensus rating is 1 buy, 9 holds and 3 sells, according to Bloomberg. From a technical point of view, the RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the stock is trading under its 20 day MA ($50.23) but above its 50 day MA ($49.52). We are looking at the final target of $46.30 with a stop-loss set at $51.70.

Additionally on Tuesday, Gap (GPS) is likely to unveil third quarter EPS of $0.30 vs $0.53 last year on revenue of $3.8 billion compared to $4.0 billion a year ago. The Co retails apparel, accessories, and personal-care products, and on November 11th, Afterpay, the leader in buy now, pay later, financing products announced a partnership with the Co to bring flexible spending to Old Navy, Gap, Banana Republic and Athleta customers just before the holidays. From a chartist's point of view, the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is above its 20 and 50 day MA (respectively at $21.95 and $19.75). We are looking at the final target of $29.50 with a stop-loss set at $22.30.

On Wednesday, Deere (DE) is awaited to post fourth quarter EPS of $1.32 compared to $2.14 a year ago on revenue of $7.6 billion vs $8.7 billion last year. The Co is the world's leading manufacturer of agricultural equipment and its stock price is anticipated to move up or down by 6.5% based on options volatility. The stock rose 4.4% after the Co last reported earnings. Technically speaking, the RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is above its 20 and 50 day MA (respectively at $243.99 and $233.71). We are looking at the final target of $281.90 with a stop-loss set at $245.80.

Looking at the S&P 500 CFD on a 1 hour chart, the index is still consolidating after making an all-time high of 3,673.90 on Monday, November 9th. The simple moving averages (SMA) are set-up in mixed manner, with the 200-preiod SMA above 20-period SMA and the 20-period SMA above the 50-period SMA, The Index will probably continue to bounce around inbetween 3,518.00 and 3,674.00 until a breakout occurs. If price can breakout to the upside of 3,674.00, then price should rally towards the first Fibonacci target of 3,794.00. If price can reach 3,794.00, then the next target would be 3,856.00. On the other hand, if price breaks below 3,518.00, then traders should look to 3,463.00 for support. If price cannot hold above 3,463.00, then there is a chance that price could bounce off of 3,403.00.

Source: GAIN Capital, TradingView

The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account.

FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.

FOREX.com may, from time to time, offer payment processing services with respect to card deposits through StoneX Financial Ltd, Moor House First Floor, 120 London Wall, London, EC2Y 5ET.

GAIN Global Markets Inc. has its principal place of business at 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA., and is a wholly-owned subsidiary of StoneX Group Inc.