We are in the heart of earnings season with big names such as Boeing, Union Pacific, Texas Instruments and Visa reporting but there were none bigger than Microsoft reporting in the last 24 hours. In typical fashion Microsoft beat expectations but is down on the day post-earnings after concerns on their cloud business segment were a little soft. We have seen companies respond to earnings differently depending on whether they were at the “top of the chart” (a big run in 2023) or “bottom of the chart” (not participated as much) and this feels like “top of the chart” earnings report where it was going to be hard to climb. This is a pattern we have seen this earnings season.   

Another Mag 7 stock also reported today in Alphabet, perhaps the Mag 7 stock that has not enjoyed quite the run the other 6 have, and are up healthy post earnings. Clearing resistance on new highs to the year and entering breakout analysis at this point. Coach Matt will break down the numbers on Alphabet and the interesting chart setup and all the other companies on the Halftime Report today.

Amid all the earnings there is a Fed meeting today. The Fed is expected to raise interest rates by 25 basis points which would be their 11^th interest rate increase in the last 17 months. The results are widely known in advance but one always tunes into the Fed on Fed Day just in case anything unanticipated happens.

Have a fantastic day everyone!

Boeing (BA)

There are a lot of interesting chart setups post earnings and this one should definitely make your watch list. A classic monthly moving average pattern that behaved nicely heading into earnings and now breaking out of the 50-monthly. A nice pattern to look for setups in the coming weeks.

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