Thursday's Market Minute: Will Tech Take Off After Apple, Amazon & Alphabet Earnings?

It’s a huge day for tech earnings as Apple AAPL, Amazon AMZN, and Alphabet GOOGL are all reporting in today’s postmarket session. Let’s take a quick look at price levels to watch for each company.

Apple has enjoyed a roughly 17% rally after hitting its yearly lows on Jan. 3. However, there is a slew of resistance to the upside for the tech giant. The 150 level represents the yearly +1 Standard Deviation Channel, while the yearly Volume Profile Point of Control (the level with heaviest trading volume) sits at 147. There also are two obvious sources of long-term resistance in the 252-day Exponential Moving Average around 151 and the 200-day Simple Moving Average near 154. To the downside, the 63-day EMA sit near 140.

Meanwhile, Amazon made an interesting move yesterday, breaking above the 102 level which was a point where price bottomed out several times during the spring-summer months of last year, and also topped out near this area during the fall. Remember the old adage that old support becoming new resistance and vice-versa, and keep an eye on this area. There’s a downside support confluence in the 21-day EMA and 63-day EMA around the 96 mark. Upside resistance includes the yearly +1 Standard Deviation Channel near 111 and the yearly Volume Profile POC at about 113. 

Finally, Alphabet encountered some resistance of its own yesterday, pausing at the 100 level which is the site of the old highs from December but also powering above the yearly Volume Profile POC near 98. Google’s parent company also has a support confluence of the 21-day EMA and 63-day EMA around 95, so watch if a pullback happens near this area. The first potential halting point to the upside is the +1 Standard Deviation Channel near 102, and then the 200-day SMA near 105.

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