The post Earnings are due from Microsoft MSFT.O, Alphabet GOOGL.O, Amazon AMZN.O and Meta Platforms META.O this week appeared on BitcoinEthereumNews.com.

Emini S&P December futures collapsed to my targets of 4375/4365 & 4340/35. Then the break below 4335 hit my targets of 4300/4290 & 4270/65. Support at 4260/50 held but with no bounce or indication that a low has been reached…and a close right at the low of the day & the week,  it looks like we will continue lower to test an extremely important support at 4220/4200. This will make or break the market going in to year end. I would try a long. It is worth the risk despite the downside momentum. However we want to reverse in to a short on a break lower which can target 4130/20 (just to start with). Longs at 4220/4200 could see a good profit if the level holds, initially targeting 4285/95. Nasdaq December futures shorts at 15300/350 worked perfectly at last we we hit my targets of 15050/15000 & 14830/800 & as stated on Friday, eventually we could fall as far as the lower trend line support of the 3 month triangle pattern at 14600. We got pretty close on Friday. A break below 14500 will be an important sell signal suggesting a breakout of the 4 month triangle pattern. However a bounce from 14600/550 however can target 14650 & 14750, even 14900 is possible. Emini Dow Jones December shorts at resistance at 33930/970 worked perfectly with a high for the day exactly here before we collapsed to hit targets of 33700/650 & 33600. On Friday we wrote: Further losses are likely & target 33350/300 for profit taking before the weekend. All targets hit as we approach the October low at 33070/020. Obviously a break below 32990 suggest further losses towards 32750/700. A bounce meets resistance at 33500/560 & shorts need stops above 33630. Source: https://www.fxstreet.com/news/earnings-are-due-from-microsoft-msfto-alphabet-googlo-amazon-amzno-and-meta-platforms-metao-this-week-202310230607

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Filed under: News - @ October 23, 2023 6:16 am