META The Morning After...

A relatively big day for economic data but a bigger day for earnings (see calendar below). First up, META the morning after an acutely negative (-15%) investor reaction... 

Apart from the why of the decline, which many analysts are dismissing as an overreaction that represents a great buying opportunity, my technical set-up work that yesterday led me to describe META as "not particularly friendly here, and as such, META's results will have to knock the proverbial ball out of the park to prevent selling strength and/or exiting into weakness" is not yet ready to turn up into a sustained advance. 

My preferred near-term scenario argues for a maximum recovery bounce into the 440-450 resistance zone (if it gets there) followed by another nosedive that projects to test and violation of the post-earnings spike low of 399.02 last evening into my optimal target-reversal window in the vicinity of 370-380. 

Only a recovery rally that sustains above 450 will delay another nosedive, clearing a higher recovery path into the 470-475 resistance ceiling prior to my expectation of another corrective downleg to 370-380... Last is 418.70... 

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