Tech Earnings Clash With FRC Collapse

Concerns are rising that the banking crisis isn't done.

Technical Edge — 

• NYSE Breadth: 12% Upside Volume (!)

• Advance/Decline: 16% Advance 

• VIX: ~$18.75

MSFT had a strong post-earnings reaction, while GOOGL was muted. Now we get META tonight and AMZN tomorrow. 

Remember, just seven stocks — yes, seven! — have driven almost 90% of the S&P 500’s gains so far this year. So it’s critical for mega cap tech to keep a bid in these names for the indices to go higher. 

The seven leaders combine for more than $9 trillion in market cap.

S&P 500 — ES 

The three-day low broke and ES dove lower on Tuesday, with its 10-week moving average stepping in as support. From here, I’m keeping a close eye on the 4133-40 area. 

This zone was the prior three-day low, marks the 10-day and 21-day moving averages, and finally, is the 61.8% retrace of this week’s range. 

• Upside Levels: 4133-4140, 4160-65, 4175-80

• Downside levels: 4095-4100 (big on Tuesday), 4070-75

SPY