GOOGL & MSFT Earnings On Tap.

Plus a setup in Apple.

Technical Edge — 

• NYSE Breadth: 55% Upside Volume 

• Advance/Decline: 55% Advance 

• VIX: ~$17.50

When it comes to regular-hours trading, the ES had a 25-26 points range on Friday and Monday. Several sessions last week had a trading range of less than 32 points. 

This tightening range should break — one way or the other — with MSFT and GOOGL reporting after the close today, as mega-cap tech has been driving the gains in the S&P this year. 

I suppose, mixed results in the group could leave us stuck in a range but eventually we will get out of it. Until then, patience is key. We need to preserve capital and not let the death-by-1,000-cuts chop-trade get to us. Let’s go. 

S&P 500 — ES 

• Upside Levels: 4161-65, 4175-80, 4200, 4217-25

• Downside levels: 4135-4137 (three-day low + 21-day sma), 4115, 4095-4100

SPY