Apr 29, 2026
The market is anxiously awaiting the biggest news of the day, and it’s hard to argue that it’s the FOMC decision and Fed Chair Powell’s final meeting. Instead, the after-hours session of earnings is today’s huge event as reports from four of the seven Magnificent 7 members hit the tape: Amazon (AMZN), Alphabet (GOOGL), Meta (META), and Microsoft (MSFT). That is nearly $12 trillion in market cap, or 18.7% of the S&P 500’s total, reporting in one night.
Heading into quarterly results, this group has been on a solid run. Through today, Bloomberg’s equal-weight index tracking the Magnificent 7 members is up 20% versus the March 30th low. Given that rally, the index did in fact reach a new closing high on Monday, albeit that was only marginally above (3 bps) the previous peak on October 29th. As shown below, the lack of a meaningful breakout means the group is at an inflection point.
The MAG7 put in a triple top this past fall and early this year before the more prolonged selloff from late January through late last month. Considering the Magnificent 7 have hovered below those highs in the past couple of days, it is fair to say there has yet to be a meaningful breakout, and earnings will likely be a deciding factor in which way the chart breaks.
Looking under the hood, headed into earnings, the two strongest stocks among these names have been Amazon (AMZN) and Alphabet (GOOGL). As we noted in the Chart of the Day today, those two stocks are up 30.2% and 28.2%, respectively, over the past month. Perhaps more importantly, those rallies are resulting in 52-week highs. In AMZN’s case, the breakout has been more significant, but since the initial breakout last Friday, AMZN has pulled back to support at prior highs. GOOGL, on the other hand, has been in a tighter range over the past few days without the same clear breakout as AMZN saw.
Also, more insight into the performance of mega-cap stocks following big rallies into their earnings report, make sure to check out today’s Chart of the Day.
Shifting over to the other major reports tonight, the charts of META and MSFT have been two of the weaker ones among the mega caps. As shown below, META has been in a stubborn sideways trend over the past year, with the 200-DMA acting as tough resistance more recently. Meanwhile, MSFT has much further to go to reach its 200-DMA, leaving it in no-man’s land between its 50- and 200-DMA. With that said, the recent stall has occurred right at the downtrend line off of the past several months’ peaks.
In other words, good results on earnings tonight could mean clear 52-week highs for AMZN and GOOGL, a move above the 200-DMA for META, and a broken downtrend from MSFT.
Following tonight’s reports, Apple (AAPL) will be the next mega-cap stock to watch as it reports tomorrow evening. As we noted in yesterday’s Wealth Management Report, AAPL has seen its relative strength go nowhere in the past few years. Paralleling that, the stock’s price has hardly gone anywhere in the past six months. As shown below, it is the most rangebound mega-cap name, although earnings come as it has made a run to the upper end of said range.
Finally, we would note that the next trillion-dollar market cap Tech stock to report after Apple will be NVIDIA (NVDA) at the end of earnings season. NVDA’s chart is more closely resembling the strength of GOOGL or AMZN, with a recent breakout sans meaningful follow-through.
Although it is not a Magnificent 7 member, the same could be said for another trillion-dollar semiconductor: Broadcom (AVGO). AVGO’s most recent report was in early March, with the next report slated for sometime in June. While the stock is up solidly since that prior report, its breakout almost appears to be a pump-fake with a sizable gap down below previous highs this week.
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Apr 28, 2026
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- The United Arab Emirates announced that they will be withdrawing from OPEC later this week; the U.A.E. is group’s third largest producer with the second largest spare capacity.
- The S&P 500 snapped a streak of four straight days of price and breadth moving in opposite directions.
- Conference Board and Case-Shiller data indicated housing activity has begun to bottom out.
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Apr 27, 2026
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- Morgan Stanley (MS) indices tracking political themes in the stock market have seen Democratic outperformance since Inauguration Day.
- Renewable energy stocks are trading at three-year highs after putting in a long term bottom last spring.
- 5-year Treasury auctions have tailed or priced at the screws at every auction over the past eleven months, tying all other coupons for the record streak of auctions without a stop through.
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Apr 27, 2026
Last year, precious metals were an astoundingly strong trade with some of the strongest performance of any asset. As shown below, as the calendar turned the page, the rally in front month gold has reversed. Over the last year, gold is still handily outperforming indices like the S&P 500, Russell 1,000 Value, and Russell 1,000 Growth. However, the Nasdaq has caught the yellow metal due to a combination of Tech stock’s recent strength and the recent weakness in gold.
Checking in on front month gold’s drawdown, at the worst of the decline on a closing basis, gold fell 17.7% versus its January peak. As shown below, that was the sharply drawdown since late 2022, but is far from the worst declines on record. Further, the metal has rallied back to now be 11.8% from its 52-week high. That is only a few percentage points worse than the historical average drawdown (-9.9%).
As shown below, gold peaked in late January and after successfully testing support at its 50-DMA intraday on February 2nd, it quickly moved higher to retest prior highs within the next month. That run to new highs was unsuccessful though as gold has lost its glitter. The metal closed below its 50-DMA by March 18th (the first instance since August 21, 2025) and continued lower throughout the back half of the month. Similar to the early February intraday test of the 50-DMA, on March 23rd, gold tested its 200-DMA. While it never closed below, the rally higher since then has stalled as it re-addressed the 50-DMA which is now trending lower.
Again, last month gold never quite fell below its 200-DMA on a closing basis. As a result, the metal has kept alive the second longest streak of closes above its 200-DMA on record: this streak is now at 615 straight trading days, meaning the last time gold closed below its 200-DMA was on November 10, 2023. Ironically, while this streak is still alive and well (gold would need to fall over 10% to return to the 200-DMA), it has also been on a growing streak of closes below its 50-DMA. As shown in the second chart below, gold has been below its 50-DMA for 28 straight days, the longest since a 41-day long streak ending in July 2023.
All that is to say that from a technical picture, front month gold has seen a deterioration in its technical picture as it is now sandwiched between support at the 200-DMA and 50-DMA. While those two moving averages will continue to be levels to watch, there is a wide spread between them. As shown below, there’s 16% between the two moving averages, and one month ago that spread was over 20%. The only other times this spread has been wider was 1980, 1983, 2006, and 2008.
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