The good, the bad and the ugly from the earnings season

$SPY chart pre-market

Most companies reported impressive earnings so far. $AAPL, $GOOGL and $AMD impressed investors, while $FB made them a bit more cautious given their weaker guidance and daily active users numbers. For today, see how the market reacts to the last important tech earnings report, namely $AMZN. We are still in a tight upper range with support at 437.31 and first resistance at 440.30. The all time high is at 441.02. With futures up this morning, see if we make an attempt at reclaiming it. Some cyclical, value stocks are outperforming the market, see if they continue higher, namely $F and $BA.

$QQQ pre-market chart

The tech sector digested yesterday the earnings reports from $AAPL, $GOOGL, $MSFT and $AMD. We managed tho hold above 363 but showed no power once we reached 365-366. After $FB reported last night and was sold and $PYPL disappointed investors , see if tech can continue higher, with $AMZN reporting tonight. For today 363 is support with pivot resistance at 367.45. A wedge type pattern has been created on the chart, see if we manage to break higher. It will depend on the last set of earnings.

$FB pre-market chart

Facebook posted a solid quarter beating estimates on both the EPS and revenue side. However, during the conference call, the CEO confirmed that the social media company is facing headwinds given the recent debacle with $AAPL’s privacy policy and that of the EU. Daily active members growth was minimal versus the expectations, and as a result the stock dropped below 360 in the after hours action. For today see how it reacts, to get a better understanding of sentiment in the tech arena. For support use the 21EMA at 353 with pivot resistances at 364.5, 367 and 377.55 the all time high.

$AMZN pre-market chart

Amazon is the last big tech company to report earnings tonight and will be on our radar today. We believe that the e-commerce giant will post impressive numbers, but for the stock to manage to have a sustainable move above the all time high it needs a stock split. Let’s see the first conference call of the new management after Mr.Bezos stepped down. For after hours action watch the all time high at 3773 as the first big resistance in case of a major beat. For support the previous channel high of 3554 needs to hold.


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