All About Tech
The bulls and bears settle for a draw on Thursday as both sides stood pat ahead of a busy after-hours session. Tech earnings were heavy as the four horseman: Alphabet (GOOG), Amazon (AMZN), Microsoft (MSFT) and Intel (INTC) reported quarterly results. This morning's action ahead of the opening bell was equally important and highlighted the Oil sector.
The Dow added 6 points, or 0.03%, to settle at 20,981. The blue-chips traded in a 70-point range with the low reaching 20,935. Support at 20,800-20,700 easily held before the intraday rebound to 21,005. Resistance remains at 21,150-21,200 with the fresh blue-sky territory to 21,400-21,450 on a move above the latter.
The S&P 500 gained a point, or 0.1%, to close at 2,388. The index made a morning trip to 2,382 during the first half of action with rising support at 2,375-2,370 holding. A move below 2,365 would be a slightly bearish development. The second half push to 2,392 cleared lower resistance at 2,390-2,400 but a level that failed to hold.
The Nasdaq jumped 23 points, or 0.4%, to finish just under 6,049. Tech held positive territory throughout the session while reaching a fresh all-time peak of 6,050. My lower resistance targets at 6,075-6,100 are still in play and could trigger today. Support remains at 6,000-5,950.
The Russell 2000 slipped 2 points, or 0.2%, to end at 1,417. The small-caps made a morning run to 1,423 but failed 1,425 and new record highs. Continued closes above this level gets 1,440-1,445 in the mix. Support is at 1,400-1,395 on a pullback. Yesterday's low tapped 1,413.
The S&P 500 Volatility Index ($VIX, 10.36, down 0.49) bubbled to a midday high of 11.08 but held near-term resistance at 11.50 for the third-straight session. Upper support at 10.50-10 was cleared on the intraday low of 10.33 and was a bullish sign.
Alphabet and Amazon shares were higher in extended trading last night after both companies topped earnings estimates and revenue. Microsoft and Intel shares were lower in after-hours trading on Thursday. Intel beat by a penny but missed on revenue. Microsoft beat by 3-cents but missed on sales, as well.
I have set a Limit Order to close HALF the SNAP position along with a raised Stop Limit. I have also set a Stop Limit on CSCO.
From desk to press, futures look like this: Dow (-11); S&P 500 (-2); Nasdaq 100 (-3).