This week 4 of the „Magnificent 7“ (Microsoft, Amazon, Alphabet and Meta reported) reported their earnings and their results really didn’t matter. The markets were intent on moving to the downside spurred on by higher yields, concerns about global growth, concerns about the Fed, and concerns about Israeli/Hamas war. The wall of worry is high.

For the week:

• Meta is down -4.08%
• Alphabet is down -10.21%
• Microsoft is up 0.682%
• Amazon is up 1.77%

Although earnings showed a lot of BEATS vs MISSES, the major indices are sharply lower.

Next week the breath of earnings continues. Apple leads the way on Thursday with other large caps in different industries scattered throughout the week. Apple tumbled -3.09% this week.

Below is a smattering of the major releases (*denotes release before the open).

Monday

• SoFI *
• McDonald’s“
• Western Digital“
• Pinterest

Tuesday

• Pfizer*
• Caterpillar*
• BP*
• AMD
• First Solar

Wednesday

• CVS *
• Humana *
• Paypal
• Roku
• Qualcomm

Thursday

• Palantir *
• Shopify *
• Lilly *
• Apple
• Starbucks

This article was written by Greg Michalowski at www.forexlive.com.

The GBPUSD is trading up and down today, but the move to the upside today stalled near the 100/200 hour MAs near 1.2154 area. Recall, that area stalled the rally on Wednesday as well.

The subsequent fall, in the US afternoon session, has taken the price back toward the swing area near 1.2105 and 1.21109. Earlier today, that area stalled the fall on 2 separate occasions.

In this video, I outline the above levels along with what needs to be done to increase the bearish bias (with downside targets) or what would shift the bias back to the upside.

This article was written by Greg Michalowski at www.forexlive.com.

We’re deep in the fog of war today.

There are many reports that Israeli fighters have entered Gaza in the northeastern corner of the Gaza strip in Beit Hanoun. Throughout the Gaza strip, there are reports of heavy airstrikes, perhaps the heaviest yet. There are also reports of tanks nearby and perhaps anti-tank weapons.

I don’t see any confirmation of this, though there are many purported photos and videos. Adding to the belief that a ground incursion has begun is that telecommunications have been broadly cut off in Gaza.

Meanwhile, the Washington Post reports that the US is trying to convince Israel not to launch a ground offensive and instead be more surgical because a ground offensive risks starting a broader war. They site five US officials.

Administration officials have become highly concerned about the potential repercussions of a full ground assault, the officials said, and they increasingly doubt that it would achieve Israel’s stated goal of eliminating Hamas. They also are concerned that it could derail negotiations to free nearly 200 hostages, particularly as diplomats think they have made “significant” advances in recent days to free a number of them, potentially including some Americans, one of the officials said.

Who knows what to believe. This all comes after earlier reports from CNN on a ‚breakthrough‘ in hostage negotiations.

In any case, it looks like good traders have already made up their minds.

This article was written by Adam Button at www.forexlive.com.