GOOG, AAPL and AMZN Forecast – US Stocks Wait for Powell Press Conference

GOOG Technical Analysis

The market for Google looks like it is a little bit soft in the early hours of Wednesday, but let’s be honest here, we have the FOMC interest rate decision later in the day. So, I think a lot of people are just going to be sitting on their hands, at least until we get through the press conference. With that being the case, I look at this as a market that’s very much in an uptrend, but we may get a little bit of a pullback in order to fill the gap down toward the $300 level that we can take advantage of. This is a buy-only type of market. I don’t have any interest in shorting it whatsoever.

Apple Technical Analysis

Apple has been pulling back over the last couple of days with noise about major participants in the company moving over to other companies and that of course has caused a little bit of a wiggle but at the end of the day it’s an uptrend and it’s very strong so I do think it’s probably only a matter of a time before we turn things back around. I’d be especially interested near the $270 level if we get anywhere near there. If we turn around and rally just right away, then the $290 level would be the next target for me.

AMZN Technical Analysis

Amazon looks very noisy as it is rallying slightly in pre-market trading, but we’re in a huge range between $210 at the bottom and $240 at the top. I think ultimately this is a market that, given enough time does breaks to the upside but has short-term pullbacks. Look at those as buying opportunities. This is a nice, strong stock overall.

We have been in an uptrend for multiple years. Right now, it looks like we are more or less just trying to work off some of the excess froth over the last couple of years, trying to find the next narrative to go forward, considering everything with the US and China and trade wars and all of that, Amazon has held up really well, and that probably tells you everything you need to know.

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