AMZN, AAPL and GOOGL Forecast – Tech Stocks Continue to Look for Earnings Momentum

AMZN Technical Analysis

Amazon looks like it’s going to jump about $7 at the open here on Thursday, which is interesting because there is an earnings call after the market closes. So that obviously will have a major influence on where we go next, but it’s almost as if the market has already decided which way the earnings are going to go. They must believe that they are going to be extraordinarily strong. And if that’s the case, then it does justify a continuation of the overall uptrend.

Even if we did turn around at this point, $230 should end up being support. And even below there, you’d be talking about $218 offer in support as well. To me, Amazon looks very, very bullish.

AAPL Technical Analysis

Apple has an after the bell earnings call as well, but unlike the stock in Amazon, Apple looks like it is going to struggle a bit at the open. It’s not anything major. It’s just that we’re just slightly below where we had closed. With that being said, Apple is hanging around the 50-day EMA, and that, of course, is a technical indicator that a lot of people pay attention to. So, I think the downside is probably somewhat limited between now and five o’clock New York time when we get the call. But I do recognize that we at least ran into a little bit of a barrier in the form of the 200 day EMA. So, this pullback might be more of a technical nature than anything else.

GOOGL Technical Analysis

Google looks as if it is going to drop just a touch at the open. It had its earnings call after the close on the 23rd about a week ago, and it was better than anticipated. But at this point in time, I think we are entering an area that had seen a lot of noise previously. So, it does make a certain amount of sense that maybe there’s a little bit of market memory right here just getting ready to perhaps get into the mix.

Short term pullbacks are very likely, but I also think that in this environment, they offer buying opportunities that might be getting ready to set up here, especially if we can get closer to the $190 level. I don’t have any interest in shorting Google. I just look at it as a market that might be a little stretched.

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