Tech Earnings Week: $AMZN $META $GOOG Overbought, Pullback or Breakout?

SmartReversals
04-27 06:27

CHOOSE YOUR RISK THIS WEEK:

Tech giants are heading into earnings with gaps and overheated in the daily:

$Amazon.com(AMZN)$ : Overbought RSI | 1st Gap: -7%

$Meta Platforms, Inc.(META)$ : Mild RSI Divergence | 1st Gap: -8%

$Alphabet(GOOG)$ : RSI Divergence | 1st Gap: -7%

Gap fill this week?

$Apple(AAPL)$ Weekly bullish MACD crossovers usually precede average moves of +5% within three weeks.

With earnings scheduled for this Thursday, the week is key to confirm the signal, currently brewing.

$VanEck Semiconductor ETF(SMH)$ : Are breakouts bullish? They are.

Just be aware that the last time the RSI for semiconductors was above 80, there was a -6% move in a single day as part of the consolidation.

Back then, we didn't have three gaps below us, with the first one alone implying a -4% move.

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