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Tech Earnings Time


We have small red arrows around the world as we head into the busiest week of earnings.

The SPX was in the same spot 2 years ago and at the start of 2023.

The year of the range that is squeezing out the excess of 2020.

The Recession that's been predicted for 9 months still isn't here.

We'll see how we react to earnings this week. We can't get too bearish if 4090 holds.

SPY held the $410 area a few times. This range feels vulnerable at times but is still intact. We should get some type of move because it’s a big earnings week. Pivot resistance is $412.68.

QQQ still has a big cup & handle type look. We need some good earnings to resolve it. A strong move this week above $317.40 then $321 sets it in motion. A move and close below $314 and all of a sudden it fails. Have plans for both scenarios.

Now let's look at some tech names, including some of this week's big earnings reports:

GOOGL reports Tuesday. Expectations are low. $109 is a big pivot area. If you want to take a call spread, I’d perhaps look at a $107/$112.50 or $110/$115. The risk-reward is decent if you think it reacts well.

MSFT also reports Tuesday and has high expectations. $292-$294 is a big area to watch. It needs to get and stay above that to react well post-earnings. A $295/$305 call spread may work.

META held the 21 day Friday with a low of $209.58 to trade against. It reports Wednesday after the close. Expectations here are pretty high. We'll see if there's a play Wednesday. I’d trim today and see if it holds $213.41.

AMZN ignited last Wednesday and started to act better. It hit $108.15 We'll see how it reacts into earnings Thursday.

AAPL is trying to consolidate higher. GS said results should be better than feared but earnings aren't till next week. See if $164.49 can act as upper support.

Scott Redler Positions Disclosure as of 2023-04-24 at 10.10.15 AM

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