This week’s big tech earnings reports like Microsoft (MSFT) and Google (GOOGL) have created a fun roller-coaster market. We are ending the week with the most anticipated upcoming reports on Thursday, Apple (AAPL) and Amazon (AMZN) report after the close.
There are two important economic reports to note for Friday. The PCE Price Index is set to release at 8:30 a.m Eastern, and the University of Michigan’s UMich Consumer sentiment index at 10 am Eastern, which has caused intense algo moves during the session.
This week’s thesis unfolded perfectly. The S&P 500 (/ES) got through our zone at $3,820 and rallied to the 50-day simple moving average (SMA) at $3,887.
This week has been very volatile. Stay elite and play with profits. If /ES breaks $3,820, my first target is Point Of Control (POC) at $3,792. My second target is near our downside structure trendline and the daily 21 exponential moving average (EMA) around $3,763. If /ES continues to hold $3,820, see if it gets back to $3,887 and breaks through to $3,900 near our upside trendline.
After bad earnings this week, Google (GOOGL) has been an excellent compass for technology. If GOOGL can’t get above its previous low of the year at $94, expect a potential move lower toward $92 or $89.
Check out the video above to get the breakdown of my critical levels in GOOGL. We also discuss zones and major levels to watch on /ES and /NQ as they deal with trendline structures.
Stay Focused!