Tech Leads Market Rebound; Etsy, Lam Research, ServiceNow In Focus | Stock Market Today | Summary and Q&A

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January 20, 2023
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Investor's Business Daily
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Tech Leads Market Rebound; Etsy, Lam Research, ServiceNow In Focus | Stock Market Today

TL;DR

The NASDAQ and S&P 500 ended the week with strong gains, suggesting a possible rotation back into the technology sector. However, key hurdles and upcoming earnings reports could impact market conditions.

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Questions & Answers

Q: How has the NASDAQ performed in 2023 compared to other major indexes?

In 2023, the NASDAQ has been leading the market, with gains for the week while other indexes experienced losses. However, it is still below key resistance levels, such as the 200-day moving average and December highs.

Q: What factors could contribute to the revival of the technology sector?

The decline in interest rates and increased confidence in a soft landing for the economy could be contributing to the positive performance of the technology sector. Additionally, some growth stocks are showing signs of breaking out and setting up, which is encouraging for the sector.

Q: How important are upcoming earnings reports for the market's performance?

Earnings reports from big tech companies and chip equipment makers next week will be crucial in determining market direction. Positive earnings could lead to further gains, while negative reports could result in a volatile and uncertain market.

Q: Which sectors are showing strength based on ETF performance?

Growth sectors like tech and software are showing strength, along with miners and select industrial stocks. The performance of these sectors indicates a broad-based market improvement.

Summary & Key Takeaways

  • The NASDAQ showed signs of revival, rising for the week while other major indexes had losses. However, it is still below its 200-day moving average and December highs.

  • The S&P 500 finished the week above the 200-day moving average and showed higher lows, but a break of the trendline and retesting of December highs is needed for a confident rally.

  • Various sectors, including tech, metals and mining, and software, showed strength, indicating a broad-based market improvement.

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