The Nasdaq didn’t move too much ahead of INTC’s earnings in today’s session. But in after hours, INTC reported $0.18 vs. $0.08, and the stock moved up more than 7%. This positive surprise from INTC and the AH pop on INTC’s stock should give the market a push tomorrow since it didn’t anticipate INTC’s results.
Even though these indices are being pushed higher by the positive earnings reports, the trend is still down. Until the resistance levels have been taken out, and a series of higher highs and lower lows is made, the risk of being trapped by chasing the longs is too great.
Here are the latest charts for the DJIA, SP500, and Nasdaq 100:
The charts for the three big tech stocks I am following for this earnings week: IBM, GOOG, and INTC
