AMZN, MSFT and META Forecast – Major US Stocks Mixed in Quiet Premarket Trading

AMZN Technical Analysis

Amazon looks like it’s going to be a little bit soft at the open on Wednesday, but quite frankly, I suspect a lot of people are not focusing so much on Amazon, but probably a lot more on the Federal Reserve. After all, they have an interest rate decision later in the day, as well as a press conference and statement, and people want to know if they get their cheap and easy money.

Well, going to Wall Street, that’s what it’s all about. It’s got nothing to do with Amazon. Short-term pullbacks probably find support near the 50-day EMA, which is all the way down in the $225 region. But it’s an area we were in just a couple of days ago, and it would continue the chop that we had seen to the upside. If we can break above the $240 level, Amazon’s good to go for a bigger move to the upside, more likely than not.

MSFT Technical Analysis

The Microsoft pre-market trading has been slightly positive, but it did sell off pretty significantly during the Tuesday session. The 50-day EMA sits at $503, and the $500 level underneath there offers support. So, I do think the downside’s probably somewhat limited, unless of course the Federal Reserve shocks everyone. Then, you just don’t know what happens. If we can break above the $520 level, essentially breaking the top of the candlestick from the Tuesday session, that allows for a surge higher, perhaps as high as $550 in Microsoft.

META Technical Analysis

Meta looks like it’s going to be a little bit soft at the open, but only slightly so. At this point, it looks a lot like a market that wants to go sideways for a minute, at least until we get to the FOMC meeting and announcement. The $750 level should be support based on previous action, right along with the 50 day EMA, which is closer to $740.

The $800 level above should continue to offer significant resistance. If we can break above there, then we really could get going. But as things stand right now, this is a market that I think is a little bit stretched and probably more prone to a little bit of a pullback than the other two.

For a look at all of today’s economic events, check out our economic calendar.