Stock Trends

10 big bases in the tech sector

Good morning,

Earnings season is in full swing as we’ve now completed the major banks and got our first two mega-cap growth names, Netflix and Tesla, after the bell yesterday. The initial reaction to those two appears to be mixed, with Tesla falling ahead of the report and adding to losses this morning, but Netflix shares popping sharply.

Today, we’ll look at the key levels to watch on Netflix and Tesla, as well as:

• Reactions to the big banks

• Stock making moves on the Blue Chip Hot List

• 10 big bases in the tech sector

• and more!

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Levels to watch today

$234 the level to watch on Tesla

Tesla was down low single digits at the conclusion of its earnings call but given how this stock trades, that may have no bearing on today’s move. $234 is the level I’m watching, as a break below that late-September pivot would likely set up a test of the range near $210.

Skeptical of Netflix below $400

Netflix is set for a double-digit move at the open, but the stock is down 10% just since last Monday, so that isn’t necessarily material. I’m not saying Netflix can’t base and eventually turn itself higher, but the opening move won’t even make for a higher high, and in general, we want to be selling rallies in downtrends, especially up into resistance.

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Bank earnings reactions