We’re wrapping up earnings this week with a big impact from Snapchat (SNAP). SNAP released earnings on Thursday, and the price dropped over 20% after-hours, making a new low at $11.80.
The S&P 500 (/ES) traded above significant resistance at $3,930 and is breaking through a key zone at $3,978.
If /ES stays above $3,930 and continues higher, look for the next target at $4,056. Earnings season could pull back the market to $3,920, the 50 day simple moving average (SMA). If /ES hits the 50 SMA, our next target is Point of Control (POC) at $3,857.
Keep an eye out on the Nasdaq (/NQ) with technology earnings next week.
In the video above, we’ll look at the reactions earnings is causing on /ES and /NQ, and review setups on SHOP and GOOGL.
Stay Focused!