MSFT Technical Analysis
Microsoft looks like it’s going to be opening right about where it closed during the previous session, as traders are just simply hanging around the $400 level trying to figure out whether or not it holds as a floor. It is the bottom of a gap from April and an earnings call, so it’ll be interesting to see whether or not the market can hold here.
If it bounces, that’d be an extraordinarily bullish sign but quite frankly, if it does bounce and it turns things around, you have a long way to go. I’d be very patient here, recognizing that Microsoft is an important company but it’s also in a massive bear trend at the moment.
GOOG Technical Analysis
Google, or Alphabet, looks like it’s going to be a little bit soft here as well with the $290 level offering support right around the $300 level. This is a market that I think ultimately, we are going to find some type of support given enough time, maybe a bounce, but we just don’t have that yet and I think you have to be cautious about jumping in right away. I think there is value to be found somewhere near the $300 level.
AAPL Technical Analysis
Apple looks like it’s going to drop as well. It had a nice run higher. I think a bit of a pullback makes quite a bit of sense here. I’d watch the 50-day EMA as a potential support level, and below that, I’d be looking at $2.60 or so.
If we can break above the highs of the week, then that could open up a move to the $290 level. All things being equal I don’t want to short Apple, but I think a pullback makes a little bit of sense.
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