Forex Analysis & Reviews: 16.11.2022 - Elon Musk continues to clean...

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InstaForex Loprais Team - Official participant of the Dakar rally

16.11.2022 05:43 PM

Elon Musk continues to clean up Twitter 2.0

While the markets are digesting the active growth of retail sales in the United States in October of this year, which is likely to spur inflation by the end of the year and create several problems for the Federal Reserve System, Twitter CEO Elon Musk sent an email throughout the company to the remaining employees. He demands that they commit to working longer than usual and with high intensity, or they can receive severance pay for three months and leave the company - if they do not agree with these conditions.

The ultimatum of the entire company followed the dismissal of key Twitter executives, half of Twitter's full-time employees, and the reduction of a number of contractors without prior notice. This week, he also fired veteran Twitter engineers who criticized him publicly.

Remember that after Musk took office on October 28, he announced large-scale changes planned for Twitter 2.0. However, his first proposal to introduce a Twitter Blue subscription had to be canceled. The $7.99-per-month Blue subscription service provided users with a blue checkmark that resembled an earlier mark, indicating that the account had been verified and was official. However, the scammers took advantage of this moment and began registering various celebrities and companies for themselves, so this idea had to be abandoned for now.

Premarket

On the premarket, Target shares fell 13.5% after the company failed to meet its goals, and quarterly profit was only $1.54 per share. The retailer anticipates low holiday sales and has cut its operating margin forecast for the current quarter in half. Target also said it would launch a cost-cutting plan to save up to $3 billion a year.

Lowe's securities gained 2.4% in premarket trading after the home goods retailer beat economists' estimates for the last quarter and reported higher-than-expected store sales.

Carnival's shares fell 12.7% in premarket trading after the cruise line operator announced the issuance of $1 billion in convertible debt as part of its refinancing plan.

Sage Therapeutics gained 3.3% after an SEC report showed that CEO Barry Green bought another 14,500 shares of the drugmaker.

Corteva fell 1% in premarket trading after UBS downgraded the company's rating from "buy" to "neutral."

As for the technical picture of the S&P 500, the market stabilized a little after yesterday's sharp collapse at the end of the day. The main task for buyers now is to maintain the $3,968 support. While trading will be conducted above this level, we can expect continued demand for risky assets. This will create good prerequisites for strengthening the trading instrument and returning $4,000 under control. The level of $4,038 is located slightly higher. A break in this area will strengthen the hope for a further upward correction with an exit from the resistance of $4,064. The most distant target will be $4,091. In a downward movement, buyers must declare themselves at $3,968. A breakdown of this range will quickly push the trading instrument to $3,942 and open up the possibility of updating the support at $3,905.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.