Post-EPS Advance In META Intact ... So Far

Good Thursday Morning, MPTraders!  April 27, 2023-- Pre-Market Update:  META holds its post-EPS gains but is not smooth sailing technically yet...  Economic Data: Jobless Claims and 1st Est. of Q1 GDP... Earnings (AM) MA, LLY, MRK, ABBV, HON, CAT, AAL... (PM) AMZN GILD, INTC, AMGN, TMUS, SNAP, CMCSA, MDLZ... 

META-- My attached 4-Hour Chart shows last eve's vertical upside reaction to better-than-expected quarterly results that have thrust the stock 12% higher ahead of today's opening bell. From my technical perspective, the $64,000 question is whether the thrust is EITHER the initiation of a new, powerful upleg OR the conclusion of the upleg from last Nov's low at 88.09? 

My intermediate-term pattern and momentum work argues in favor of the latter-- in and around 236-240 META is completing its 170% advance off of the Nov. 2022 low, which also represents a 50% recovery of META's entire prior bear phase from its ATH at 384.33 (9/21/21) to 88.09 (11/03/22). 

That said, however, unless and until META's price actually rolls over to break key nearest support at 230.50-231.50, the dominant post-Earnings advance will remain intact, and as such, META will avoid triggering exhaustion reversal signals. Last is 235.11

As for ES, similar but more influential than the reaction to MSFT earnings Tuesday eve into Wed AM, META helped propel the index off of yest's corrective low at 4068.75-- a 3% decline off of the 4/18/23 recovery rally high at 4198.25-- to 4100-4103.25 so far in pre-market trading. My attached Hourly Chart shows that key resistance resides 4092 to 4116.25 that if hurdled and sustained, will setup a confrontation in and around 4136, which represents much more consequential near-term resistance. 

Unless and until 4136 is hurdled and sustained, my ES pattern work will remain Bearish/Neutral with still outstanding viable downside targets of 4058/60 and if violated, 4010 down to 3980... Last is 4102.50... 

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