Stocks Recover as Eli Lilly Soars to 14-Month Peak: What’s Driving Market Activity on Wednesday?
Market Recovery: Wall Street rebounded on Wednesday after a selloff in AI stocks, driven by solid corporate earnings and indications that the Federal Reserve may be close to cutting interest rates.
Employment Report: The ADP National Employment Report indicated that private employers added 42,000 jobs in October, surpassing expectations and showing some resilience in the labor market, although hiring remains below robust levels.
Stock Performance: Major indices saw gains, with the S&P 500 up 0.9% and the Nasdaq 100 rising 1.1%, while notable stock movements included Eli Lilly and Advanced Micro Devices posting significant increases.
Crypto and Commodities: Cryptocurrency markets rebounded, with Bitcoin rising to nearly $104,000, and commodities like gold and silver also saw price increases, while crude oil prices fell.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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