AAPL, AMZN and NFLX Forecast – Major US Stocks Look Soft in Premarket

AAPL Technical Analysis

The market for Apple looks like it is going to be a little bit soft at the open on Friday, but really nothing to be overly concerned about. We are approaching the 50-day EMA and I think that’s part of what’s going to happen here. Quite frankly, Apple ends up being a big winner before it’s all said and done, but as we go through earnings season, you will continue to see a lot of volatility.

The earnings call overnight was pretty good. I don’t know that it was stellar and maybe that’s why the market is just sitting there. If we can break above the 50-day EMA, it’s likely that Apple will continue to go higher, perhaps reaching towards the $275 level before eventually finding $290 above. The 200-day EMA sits just below the $250 level offering support.

AMZN Technical Analysis

Amazon looks like it’s going to be a little bit soft at the open as well, but there is the 50-day EMA and the previous day’s bounce that I think will somewhat support this market. Keep in mind, though, we have not had the earnings call yet; the earnings call is on Thursday of next week.

The next couple of days might be more or less about positioning. We have been in a grinding uptrend for a while, and I think that continues to be basically the attitude. I like buying dips in Amazon. Remember, it is run by most passive investing vehicles, so there is a bit of a built-in bid here in this market.

NFLX Technical Analysis

Netflix continues to try to find its footing after the Warner Bros. deal. This is a market that’s sitting at a major support level near the $82 level. If we break down below $80, this could kick off a massive drop, maybe down to $60. We’ll just have to wait and see. I think there is a little bit of a floor here you can play off of, but pre-market suggests that we are going to continue to see downward pressure. This would be a very intriguing stock to own long-term, but you will have to be sized appropriately in order to take advantage of that.

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