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Tech Sector Soft as Apple, Amazon Add Post-Earnings Weight

  • Stock markets traded mixed Friday, with tech indices underperforming thanks to poor turnouts from the likes of Amazon and Apple, who both traded lower by around 3% apiece post-earnings.
  • Despite Friday's modest weakness, S&P E-minis remain bullish. Futures rallied Tuesday this week and registered a fresh all-time high. This confirms a resumption of the uptrend and the focus ison 4591.25, a Fibonacci projection.
  • Trend signals such as moving average studies remain in a bull mode reinforcing current trend conditions. A key support is at 4317.25, Oct 12 low. The 50-day EMA at 4436.22 represents the initial firm support handle.
  • European stocks were more mixed, with French and Spanish indices making decent progress, while the FTSE-100 and DAX finished with minor losses.

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