This week is about big tech releasing earnings as we continue into earnings season.
On Tuesday, United Parcel Service (UPS) reports their Q3 earnings before the market opens, while Google (GOOGL) and Microsoft (MSFT) report after the close. On Wednesday, Boeing (BA) reports before the opening bell, and Meta Platforms Inc (META) reports after the close. Ending the week with the biggest names, SHOP reports before the open. To follow, AAPL and AMZN report after the close.
As for economic data this week, the US Manufacturing Purchasing Managers’ Index (PMI) will be released on Monday at 9:45 Eastern. The PCE Price Index is set to release on Friday at 8:30 a.m Eastern.
The last time the S&P 500 (/ES) approached the current zone around $3,792 to $3,820, /ES rolled over and placed a new low of the year. If /ES can’t hold $3,792 my first target is the daily 21 exponential moving average (EMA) at $3,734 near the downside structure. For upside potential, see if /ES holds its downside structure near $3,734. If so, /ES could break $3,820 and take out $3,843 above. My primary target is the 50-day simple moving average (SMA) at $3,887 near the bigger-picture downside structure.
Tesla (TSLA) released news on Monday that they cut prices in China, causing a 3% drop in the stock. See how Tesla continues to react to this news. TSLA bounced off $205; however, if it gets below $205, my first target is $202. My second target is $197. If TSLA rallies with the market, see if it can get through $211. From there, my first target is $215, and my second target is the Point Of Control (POC) at $221.
Check out the video above to get the breakdown of my top two setups in Netflix and Tesla. We also discuss key zones and major levels to watch on /ES as it deals with major structures.
Stay Focused!