Five of the Mag 7 Reports this week. We talk about important points to watch for several of these names that will be critical to watch in your portfolios.
Earnings season is in full swing as we wrap up April, and this week brings some heavy-hitters to the table. Of course, as we will typically say around earnings seasons, reports can offer a peak behind the curtain as to how different companies within your portfolio are doing, and are one of the more common events where fundamentals and technicals can come together. On the technical front, following point and figure charts can help identify important landmarks towards the upside/downside to watch around earnings calls. In other words, knowing where buyers and sellers have run out of stream in the recent past can help you identify whether earnings-driven price movement is truly meaningful or perhaps just a symptom of normal market reaction to strong or weak results. This week, several household names are on the docket to report. On the Magnificent Seven front, Wednesday ushers in the likes of GOOGL (GOOG), META, AMZN & MSFT, followed by AAPL on Thursday. Other large names to report this week include Eli Lilly (LLY), Mastercard (MA), Caterpillar (CAT), Exxon (XOM) and Chevron (CVX). Of course, the large tech names will be a main driver of market movement, but those of you with outsized exposure to energy names will be watching the start of May for XOM or CVX. All that to say, we will spend today’s report covering a handful of technical pictures worth watching this week and the specific points of support and resistance worth monitoring.
Alphabet earns the highest technical attribute rating of the bunch. While you can certainly make the argument that it is extended on its default chart, the perfect 5/5’er has been a stalwart of strength over the last year or so while some other areas (namely Microsoft, but more on that later) have struggled. Breaking to further highs with action on 4/27, there is no current overhead resistance for the name at current levels. In terms of support levels, the next technical level of support isn’t found until the 2026 lows sitting around $276… but a more realistic downside target for the name on poor results would be found around a range of old resistance would be from about $312-$328.
Moving quickly from good to bad, Microsoft has been a point of relative weakness so far in 2026, dropping over 15% so far this year as software focused areas took it on the chin. While the last few weeks have seen the name return to a PnF buy signal on its default chart, it is far from a buy at current levels. The 2/5’er sits a ways away from all time highs marked to close out 2025, with the next level of technical resistance coming in just above the top of the trading band at $480. Towards the downside, if Microsoft can’t convince markets it is AI-proof, a journey back towards 2026 lows around the $360-$368 point wouldn’t be out of the question. All in all, even on positive results, wait for price to tell you that the technical picture has improved before stepping in. In fact, assuming the TA score doesn’t shift on a mildly positive reaction, it might be a somewhat attractive opportunity to trim exposure further.
Before wrapping up with a comment on XOM some high level talking points on AAPL & META. AAPL is a high TA score stock fighting to get back to even for the year. It is currently sitting towards the middle of a range with clear levels of support and resistance at $248 and $280, respectively. META has quite an interesting picture. It does remain a poor attribute stock at the time of this writing, but having reversed back up to put in a localized level of support well off 2026 lows, the recent action is certainly intriguing. Support is littered between current levels and the middle of the trading band at $624, while overhead resistance is $688 and $744. XOM is up well over 20% so far this year… but recent action has been a touch discouraging as the 5/5’er has posted now a pair of sell signals off 2025 highs. While the longer-term technical picture is still constructive, energy focused names have remained largely dependent on the current developments in the Middle East. Relevant support is found at $142 and resistance sits between $158 and $166.
Remember, earnings can be a useful time to talk to clients and discuss how you are remaining diligent within their portfolios. Remember, set alerts to be notified automatically of important movement or changes in relative strength.
