Microsoft and Meta have released their earnings, and they aren’t exactly setting the world on fire. As of this position, Microsoft is up a few bucks. It’s basically the same price now that it was in mid-March, a full seven months ago. Not impressive.
Meta, which is absolutely sky-high and fully valued, to put it kindly, is taking some heat. It’s down about $10 after hours. Neither stock is making any sort of shocking move, but it definitely isn’t giving the bulls any reason for exuberance, given these preposterous valuations.
Over the course of the past trading week, the /NQ has slowly been bleeding out, as the reality of earnings data creeps in and tensions about next week’s election looms large.
It’s all about this one trendline. Break it, and you’re going to see the first meaningful selling we’ve witnessed in months.
