S&P 500 hanging on by a thread - Will Apple earnings decide fate

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.

1D

1W