Reaction To GOOG, TSLA & IBM Earnings

Good Thursday Morning, MPTraders! July 24, 2025-- There are six trading days remaining in July... The elephant in the room today is President Trump's visit to and comments during his hour at the Federal Reserve at 4 PM ET... I wonder if Fed Chair Powell will be there to greet him? (LOL)... 

GOOG reacted positively to Earnings and is following the technical script we discussed late yesterday. My attached 4-Hour Chart shows GOOG's up-spike after the company announced a HUGE 70% y-o-y increase in capital spending on AI. Technically, GOOG surged to a new post-April high at 198.98, which is in the lower boundary of my optimal zone from 198 to 204, where my pattern work argues for a peak and reversal into a correction... Last is 198.50... (continued below my chart)...

TSLA reacted negatively to Earnings, but the weakness has not (so far) inflicted serious technical damage to the post-April setup. My attached 4-Hour Chart shows the post-Earnings nosedive from the 4 PM ET close at 332.56 to this AM's low at 309.40, which we see is just above consequential April-July trendline support in the vicinity of 306,, and above the May-July "bullish coil" support line at 296. 

My pattern bias is to treat all of TSLA's price action from the 5/29/25 high at 368.30 as a contracting Coil formation that should be in its final downward traverse within the pattern. To preserve the integrity of the Coil, additional TSLA weakness MUST BE CONTAINED ABOVE THE 7/07 LOW AT 288.77. As long as that is the case, I am expecting an upside pivot reversal from 288 to 306 in the upcoming sessions that initates a new upleg in TSLA (per the green dotted lines).... Last is 311.18... 

IBM reacted negatively to Earnings that HAS INFLICTED serious damage to its post-April advance. From yesterday's close at 282.01, IBM nosedived to 262.60 (-6.9%), along the way slicing beneath the up-sloping 20 DMA at 276.72. My attached 4-Hour Chart argues for still more downside that probes 255, which my pattern work indicates is the next lower support level from where renewed buying could emerge. A sustained violation of 255, however, will point IBM to a test of its sharply up-sloping 200 DMA, now at 245.22... Last is 265.08...

Next Up: ES...

More key Earnings Reports today (see calendar below)...