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This week, tech giants are set to report their earnings. Microsoft, Alphabet, Meta and Amazon hold an important weight in the index. As of Friday morning, 76% of S&P 500 firms reporting earnings so far have beaten analyst EPS estimates, according to FactSet.
Stock futures are flat to start the week as traders await a slew of earnings reports, most notably from the tech giants. For now, it seems attractive to short the S&P 500 with a stop at the top of the right shoulder (within the previous Head-and-Shoulders pattern) near 4182.
Bitcoin pulled back to its 50-day MA which serves as a temporary support level. The recent breakdown has switched our stance to bearish on an intraday basis. Below $28,800, we expect pressure towards the infamous support level of $26,600 that was unable to be broken in March.
Solana is lifted by a rising trend line in place since the start of the year. $SOL remains in breakout territory. The open interest for $SOL futures surged from $239M to a 2023 high of $365M in 48h following April 11. Above $19.75, we expect further upside towards $26.75.
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