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Will Big Tech earnings decide the direction of the stock market?

Seven mega-cap technology companies account for 23% of the total S&P 500 index’s market capitalization. Quarterly earnings released this week can influence the direction of the SPX Index, at least from a near-to-medium-term perspective.


Because the seven SPX names are so big, their sheer size can exert an undue influence on large-cap market indexes, index-based funds, and ETFs.


Heated debates continue regarding their leadership roles in the marketplace. With a combined market capitalization of $9.5 trillion, Wall Street and Main Street will closely monitor these stocks and their impact on stock markets this week.


Below are the seven big tech names ranked by SPX market-cap weightings, earnings dates, and technical levels:


Apple Inc. (AAPL – 151.60)


Market capitalization: $2.454T (7.03% of SPX)

Earnings date: 7/28/22 AMC

Support = 143.5 (50-day ma) and Resistance = 158.5 (200-day ma)


Microsoft Corp. (MSFT – 251.90)


Market capitalization: $1.884T (5.79%)

Earnings date: 7/26/22 AMC

Support = 241.5-246 (Jun/Jul 2022 lows) and Resistance = 265-269 (Jul 2022 highs)


Amazon.com Inc. (AMZN – 114.81)


Market capitalization: $1.168T (3.17%)

Earnings date: 7/28/22 AMC

Support = 113 (50-day ma)/101-102.5 (May/Jun/Jul 2022 lows) and Resistance = 125.5-129 (Jun/Jul 2022 highs)


Tesla Inc. (TSLA – 776.58)


Market capitalization: $804.537B (2.02%)

Earnings date: 10/19/22 AMC

Support = 716 (50-day ma)/620-648.5 (May/Jun 2022 lows) and Resistance = 908.5 (200-day ma)


Alphabet Inc. (GOOGL – 105.02)


Market capitalization: 1.383T (1.93%)

Earnings date: 7/26/22 AMC

Support = 105-106 (Jun/Jul 2022 lows)/101.88 (May 2022 low) and Resistance = 119-123 (May/Jun/Jul 2022 highs)/131 (200-day ma)


Alphabet Inc. – Class C (GOOG – 105.44)


Market capitalization: 1.389T (1.798%)

Earnings date: 7/26/22 AMC

Support = 105.5-106 (Jun/Jul 2022 lows)/102.21 (May 2022 low) and Resistance = 119-123 (May/Jun/Jul 2022 highs)/131 (200-day ma)


Meta Platforms Inc. (META – 159.15)


Market capitalization: $430.819B (1.14%)

Earnings date: 7/27/22 AMC

Support = 154-157 (Jun/Jul 2022 lows) and Resistance = 176.5-179 (7/22/22 gap-down and 50-day ma)/182-184 (May 2022 downtrend and 7/21/22 high)


Source: Chart courtesy of StockCharts.com

Source: Chart courtesy of StockCharts.com

Source: Chart courtesy of StockCharts.com

Source: Chart courtesy of StockCharts.com

Source: Chart courtesy of StockCharts.com

Source: Chart courtesy of StockCharts.com

Source: Chart courtesy of StockCharts.com

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