A Big Earnings Week


We have mostly green arrows around the world as we get ready for earnings season to continue. JPM kicked it off with a strong move Friday.

SPX is above the 8 day and as long as it holds the 4102 area, it's hard to get too bearish. 4163 is the recent high. 4195 is the February high.

Know what you own and why during earnings season because you can get outsized moves in both directions.

Now let's dig into some individual names:

NFLX reports Tuesday. It's pretty tight. I'm not sure if I will play it yet. Last quarter it led tech with a gap and go. This time it might be hard. To see $379, it will have to get and stay above $379. We'll discuss on Tuesday. In order to see $320, it needs to get and stay below $332.

TSLA is tricky when it doesn't lead tech. Expectations are lower since the deliveries missed. Earnings are on Wednesday. I’m not sure if I'll play it. Until then, see if it holds the $180 area Recent resistance area is $189-$191.

AMZN perked up again as it cleared the 8 day. I did nibble a little. If this is any good, it shouldn't really get back below $101ish. I managed it decent on Friday.

META continues to ride the 8 day as it made a new weekly high of $222.11 Friday. I did sell mine after buying the weakness. If you have this on as a swing, use $217 as key active support. I'd think the $217 area will hold if this is going to keep leading.

JPM’s beat almost felt too obvious as most flows from regional banks went to the majors. It had a big gap and go Friday and hit $139.12. It might need to digest a few sessions. See it holds $134.90.

SCHW reports today. It should be interesting as they are trying to ease investor concerns. It hasn't bounced much. Active support is $48, then $45. Pivot resistance is $53.

Scott Redler Positions Disclosure as of 2023-04-17 at 9.02.07 AM

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