Discover more from AlphaCharts Blog
Tech setups heading into earnings
Last week we had earnings reports from AAPL, MSFT, TSLA, and AMD.
MSFT responded favorably to earnings, making a 6-month breakout.
This week is another big one as we got reports coming from AMZN, GOOGL, BABA, PYPL, SPOT, SNAP, and PINS. Let’s look through the charts of some of these names to see how they are setup.
Over the past 6 months, AMZN has formed a giant symmetrical wedge that is now at its decision point. Typically these wedges resolve in the direction of the primary trend, which in this case is up.
Last week, GOOGL retested a breakout. Support within an uptrend is bullish.
SPOT, SNAP and PINS are all sporting beautiful consolidations within strong uptrends.
With the charts set up nicely, earnings could be the catalyst for the next leg higher in the tech sector and the S&P 500.