META and MSFT Earnings Goose Market

Good Thursday Morning, MPTraders!  July 31, 2025-- Pre-Market Update:  Today is the final trading day of July. Tomorrow begins August, which historically and seasonally has been the second-to-worst-performing month of the year with an average return of minus 0.3% since 2015. 

That said, July ain't over yet! In pre-market trading, ES is up nearly 1% (Nasdaq futures are up 1.3%), suggesting strongly that the final session of July could be setting up as a FOMO session (Fear of Missing Out), when fund managers chase underowned (technology) names to show ownership to investors when they open their monthly statements in about one week from now. 

Last eve's acutely positive reaction to both META and MSFT Earnings (see my attached Charts), and in particular, their commitment to increase spending on AI development by tens of billions of dollars compared to previous quarters has goosed the tech sector and the broad market as well-- especially for companies that stand to benefit from the allocation of mega-dollars to products within AI development.

Technically, the upside thrust in MSFT points to a target zone of 580-590 next, juxtaposed against nearest support down to 540-545... Last is 554.68...

META points next to 790-800, with key support from 750 to 760... Last is 776.15...

As for ES, my attached intraday (3 minute) Chart, shown posted below, shows the powerful whipsaw from yesterday's post-FOMC, post Powell presser weakness, into the post-market short-covering vertical assault in reaction to blow-out Earnings from MSFT and META that propelled the index to a new ATH at 6468.50. 

For today, and in particular, in reaction to the upcoming PCE Inflation data for June (to be released at 8:30 AM ET today) in the pre-market session as well as any adverse reaction to post-market results from AAPL and AMZN, as long as any forthcoming weakness is contained above or within support from 6435 down to 6425, my pattern work off of yesterday's low at 6366.75 projects to 6500 next... Last is 6451.75...

More after the PCE Inflation report...