Market Rebounds After AVGO Earnings Drop: Key Levels to Watch

Summary

After a significant pull back triggered by negative earnings from AVGO, the broader market is showing signs of potential rebound. The SPY and QQQ indices are currently near key technical support levels, and while the hourly charts are showing bearish sentiment, the weekly and daily charts remain bullish. Key levels to watch today include 5820 for the ES futures and 730 for the QQQ. Semiconductor stocks like AMD and MU are showing strength, with AMD retesting all-time highs and MU presenting a buy-the-dip opportunity around 980. Individual tech names like Apple and Microsoft are also holding up relatively well. Traders are advised to be cautious and look for intraday reversals, focusing on strong performers. The overall market sentiment remains bullish on higher timeframes, with this pullback seen as a minor correction.