NFP, ISM and Tech Charts

We put out a piece last night noting the weakness in the tech sector (Amazon, Alphabet and Apple) earnings brigade out after the bell. This morning is seeing a bounce off overnight lows, but all are still significantly negative on the day:

Notable items:

• Apple Revenue of $117.2 billion down 5% from prior year, 1st quarterly decline in 4 years

• Amazon taking losses on Rivian investment and Q1 profit expectations well below analyst estimates

• Alphabet earnings were $13.62B, $1.05 per share, vs last year $20.64 billion, $1.53 per share! That is massive a reduction of 34%

Would we be shocked to see these names higher on the day? YES we would as technical levels here in the broader indexes are significant and chasing bear market rallies ends in tears usually.