Weakness this past week has brought the S&P down to test support for the green channel. A good finish to mega cap earnings this week could keep us in the channel. It is not obvious how high we could go, but we could get a good bounce and tread water until the next earnings period. However, any more average or worse earnings will send this thing lower down to at least the center line of the larger channel.
IMO, Apple will likely decide the direction of the market. They report their earnings today (4/28) after the market closes. In case you did not know, the ranking of the top 5 S&P stocks in terms of weight are: 1) Apple 6.86 2) Microsoft 6.0 3) Amazon 3.4 4) Tesla 2.08 5) Alphabet (Google) 1.94
I believe 2-4 have reported and had decent earnings reports. If Apple comes through, then expect a rally.
I am completely in this boat, apple is the last leg holding this market up. Yesterday's sideways action was all people kicking the can until Apple earnings. Its a toss up depending on how much the China zero covid policy has impacted thier production. Tesla seemed unaffected.