While I’ll refrain from the all too-easy “Will AAPL & AMZN spook the market on Halloween tonight?” thing, I will say that although the day is still (very) young & even then, AAPL & AMZN don’t report until after the close today but as of now, QQQ has broken below the uptrend line (sell signal) with confirmation to come on a daily close below, especially post APPL & AMZN. Also looking for a drop back below the bottom of my market top range (485ish support). QQQ daily chart below.
QQQ daily Oct 31st
Also worth noting (and monitoring for the remainder of the week), is the fact that MSFT (Microsoft) is breaking below the key uptrend line off the late 2022/early 2023 lows following last night’s earnings, a potentially powerful longer-term sell signal until & unless that trendline is regained. Daily chart below.
MSFT daily Oct 31st
The other Mag-7 stock & market-behemoth that reported last night, META, is also trading red following last night’s earnings but still above the primary uptrend line off the late 2022 lows (with a sell signal to come on a solid break and/or daily close below it…especially after AAPL & AMZN report). That pretty much leaves it up to AAPL & AMZN to either solidify or reverse today’s sell signals on QQQ & MSFT.
META daily Oct 31st
On a related note, so far TSLA has been rejected off that primary downtrend line & remains one of my top picks, along with NVDA, for shorts on any of the Mag 7 stocks.