Today will most likely see the markets trade in somewhat of a holding pattern as investors & traders alike await a slew of earnings reports from several market moving stocks. Three of the five FAAMG stocks; AMZN (Amzon), MSFT (Microsoft) & GOOG/GOOGL (Alphabet) will report earnings & provide forward guidance after the close of trading today along with two other top 10, over-weighted components of the Nasdaq 100; INTC (Intel) & AMGN (AMGN), the 12th largest component & a major player in the biotech sector, AMGN (Amgen).
There’s not much to add that wasn’t covered yesterday: Both SPY & QQQ fell to the first of several key support levels yesterday where they both found support. Both are still trading within just a good day or so from new all-time highs yet also just a good bad day or so from their primary uptrend lines. How the market trades tomorrow & into next week could provide us with clues as to which direction the next 10%+ direction in the stock market will be. Also worth noting is the fact that the other two FAAMG stocks; FB (Facebook) & AAPL (Apple) will be reporting earnings after the close of trading next Wednesday & Thursday, respectively.