The season of quarterly results in the US is almost behind us, but it was full of unexpected events that surprised investors. The results of companies from the technology sector, including those from the so-called FANG basket, which includes Facebook, Amazon, Netflix, and Google were widely commented on in the financial press.

The biggest surprise was the publication of weaker than expected growth in the number of Facebook users. The price of the company's shares dropped almost 25%. Slower growth was also a factor that contributed to the decline in Netflix and Twitter shares, which in turn amounted to 12% d 25 percent The unexpected slowdown of these companies may cause a revision of forecasts regarding the long-term dynamics of the companies 'expansion by analysts, which may translate into further deterioration of investors' sentiment. On the other hand, such a significant and sudden fall in quotations may be perceived as a too pessimistic reaction to worse results, which may be a very good opportunity to buy over-valued securities of leaders of the technology sector. However, it should be remembered that after weaker forecasts announced by the mentioned companies, sudden improvement of sentiment in the short term may not take place.

Let's now take a look at the NASDAQ technical picture at the H4 time frame. After the publication of the worse than expected results, the index plummets from the all-time high at 7935 to 7500, but currently, the bulls are still raging on and pushing the market higher: the gap down between the levels of 7735 - 7935 was almost filled now and the blue trend line was not violated significantly. This is a strong bullish market in a strong uptrend, so new high should be expected soon.