SPx (U.S. Futures Ascend Following Earnings Announcements)

U.S. Futures Ascend Following Microsoft and Alphabet Earnings Announcements

Shares of Microsoft surged over 4% in premarket trading subsequent to the company surpassing earnings and revenue expectations.

Furthermore, Alphabet experienced a 12% increase after its financial results exceeded forecasts, coupled with the announcement of its inaugural dividend.

Conversely, Intel witnessed a nearly 8% decline prior to the market opening, following a disheartening revenue forecast.

Exxon Mobil recorded a 1.1% decrease after failing to meet earnings expectations, while Chevron declined by 0.8% due to its profits falling short of estimates.

Investors' attention is now turning towards the Personal Consumption Expenditures (PCE) inflation report, which will provide further insights into inflationary trends.

For the week, the S&P 500 has advanced by 1.6%, poised to conclude a three-week losing streak.

Technically:
As long as the price remains above 5080, it indicates a bullish trend aiming for 5115 and 5140. However, a 4-hour candle closing below 5080 will suggest a bearish trend targeting 5055.

Pivot Line: 5080
Resistance Levels: 5115, 5140, 5177
Support Levels: 5055, 5044, 5019

Today’s expected trading range is between the support at 5080 and the resistance at 5140.