What the 'Magnificent Seven' charts are showing ahead of earnings, according to Katie Stockton

Earnings season is in full swing this week as five of the "Magnificent Seven" companies report earnings. Alphabet (GOOGL), Amazon.com (AMZN), Meta Platforms (META), and Microsoft (MSFT) report earnings after the close on Wednesday, and Apple (AAPL) reports Thursday evening. These five stocks account for approximately 24% of the S & P 500 Index (SPX), making this a pivotal week for markets. Below are key levels to watch as earnings are digested. GOOGL is approaching final resistance from its February high, near $349. An earnings-driven breakout would generate a measured move objective of approximately $400. Overbought conditions are a potential headwind to a positive earnings reaction. However, intermediate-term momentum is improving within the long-term uptrend, so a pullback may offer an opportunity to add exposure. Initial support for GOOGL is near $311 based on the 50-day and 10-week MAs. AAPL is wound up in a triangle consolidation pattern within the context of its long-term uptrend. AAPL is not yet overbought and has a pending weekly MACD 'buy' signal, favoring a breakout. If AAPL decisively clears trendline resistance near $270, it would be a bullish development allowing for a measured move of about $315. In the event of an earnings-driven pullback, initial support is at the 200-day (~40-week) MA near $254, and secondary support is at the bottom boundary of the triangle near $244. …