MSFT Technical Analysis
The open for Microsoft looks like it will be lower. And therefore, I think you’ve got a situation where traders are looking to find buyers on dips, and I do think that the $400 level is an area where you would expect to see a lot of support. The 200-day EMA right around $408 level is important and we also have the previous uptrend line that I think all comes into the picture. So, on a dip, I would expect to see Microsoft come into an area that eventually people will look at as value.
META Technical Analysis
Meta looks like it’s going to drop a bit in the early hours and now I think you’ve got a situation where we may have to test the 50 day EMA, possibly even the 200 day EMA after that. There is a gap that extends down to the $550 level. And as a result, I think you’ve got a situation where traders will continue to look at this through the prism of a market that’s trying to reestablish itself, but we still have a long way to go before we truly recapture the previous uptrend line. I do think there’s more of a buy on the dip mentality out there, though.
GOOGL Technical Analysis
Google is going to open lower right back to where it gapped from a couple of days ago. Ultimately, I think we’ve got a situation where Google is trying to form a bit of a base around the $150 level. And over time, I would fully anticipate that holds. The 200 day EMA sits around the $169 level offering resistance. And if we can break above there, then the market could go looking at the $187.50 level. That being said though, there is a lot of risk aversion out there. And therefore, I think it makes sense that Google would continue to suffer at the hands of that as well. Ultimately, this is a market that I think is in the process of trying to form a basing pattern.
For a look at all of today’s economic events, check out our economic calendar.
