The broader US stock indices are trading lower on the day with clearly defined support resistance levels.
In the video above I take a look at the NASDAQ and the S&P indices, outline the short-term support resistance levels at the market traders are following, and the implications for the next breaks
Will the buyers keep hope alive for a bounce, or wil lthe sellers continue to hold the stronger had and take evenmore control from a break lower? Of course, there are also a slew of earnings after the close today, with the reports most likely to move markets highlighted below. Mega Cap Microsoft (MSFT) Focus will be on Azure cloud growth, AI-related spending, Copilot adoption, and capital expenditures.
Investors will be looking for reassurance that AI investments are translating into accelerating revenue growth. This is arguably the single most important report of the day. Meta Platforms (META) Key metrics include advertising revenue, user engagement, AI monetization, and guidance.