Tesla, Amazon and Microsoft Hold Gains at Key Technical Levels

TSLA Technical Analysis

Tesla is pretty quiet in pre-market trading, down just a touch, but this is a market that had seen a big surge higher on Friday and has basically filled the gap from the previous earnings call that spooked everybody with the cap ex numbers. But quite frankly, spending more in capital expenditure is a longer-term growth strategy, and it looks like the market’s starting to think about that.

The 200-day EMA sits at the $383.18 level. That’ll be an area worth watching. We are getting fairly close to that gap opening, which was at $369, so interesting chart.

AMZN Technical Analysis

The market for Amazon looks like it is slightly positive in early trading as we bounce from the 50% Fibonacci retracement level. The 50-day EMA sits just below there, and that could offer a little bit of technical support as well. We had gapped higher during the last earnings report, but we’ve had concerns with some economic numbers about the health of the US consumer.

Whether or not that remains a thing, we’ll just have to wait and see. Obviously, Amazon is a huge place where the US consumer shows up, so interesting. But at the end of the day, this is an explosive gap higher, a pullback. The question is: will we see a bit of a follow-through move to the upside?

MSFT Technical Analysis

Finally, Microsoft looks like it is going to be basically right where it closed during the Friday session, holding those gains. That’s a good sign. We recently have had the ex-dividend date, and that will be something that is in the rearview mirror. But Microsoft had an excellent earnings call, and now we’ve recently seen the golden cross where the 50-day EMA breaks above the 200-day EMA to get technical traders excited as well.

The question is: do we get a deeper pullback to offer value, or do we simply go sideways to work off some of this froth? Certainly a bullish-looking chart, and we could even make an argument that we are trying to stay in a $200 range over the last say 18 months or so. Regardless, there’s nothing negative looking on this chart, so I certainly don’t have any interest in shorting Microsoft.