Key US big cap stock bell weather is knocking on a key topside targets door | Forexlive

The price of Microsoft on the last two corrective moves higher, in August and again in December, moved right up to test the falling 200 day MA and found seller (green line in the chart above).

The price today is back up knocking on that topside MA target’s door again. The 200 day MA comes in at $254.38. The high price has just reached $254.14. The current price is at $253.86.

Getting and staying above the 200 day moving average level would increase the stocks bias, and given it’s status as a big cap market bellweather, it could also give the overall market another boost.

Microsoft has already announced earnings and it was the forward guidance that disappointed the market. That sent the price back below its 100 day moving average (blue line in the chart above). However, the price has since rebounded back above that moving average and is up testing the key 200 day moving average today.

Speaking of earnings today after close Meta will report. Tomorrow Apple, Amazon, Alphabet are all scheduled to report (and others).

Wednesday, February 1