- Meta has gapped higher only to turn around and start falling on Wednesday, but that's not a huge surprise because we have a couple of different things going on at the same time that could very well cause chaos.
- The first thing of course is that the Federal Reserve had an interest rate decision during the session and that will have traders looking at monetary policy, which has a knock on effect in most markets.
- But more importantly for Meta, we have an earnings call after the bell.
The earnings are estimated to come in at $5.88 with revenue at $44.81 billion. Whether or not that ends up being the case and whether or not they do in fact make those numbers, we'll have to wait and see whether or not the market is likely to see continuation, or do we miss and we drop quite frankly if we miss just a bit and it's not horrifically bad.
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I would love to be a buyer on dips I think ultimately, you've got a situation where traders Will be looking at this through the prism of a market that could find support at the 50-day EMA the $660 level and of course the 200 day EMA. I don't think we'd drop that far, it is something worth paying attention to. If we can break to the upside, then the $750 level has been a major resistance barrier.
I think ultimately it does look like the market is at least trying to flag in a bullish flag, but it's just so noisy and choppy on the way up. It's somewhat difficult to determine exactly where that flag starts. So, I think the simplest way to look at this market is to buy the dip on the bounce back. So, you want to be on the opposite side of the V, the right side of the V as it bounces. Longer term do think that meta continues to go higher. I'm just hoping for a little bit of value. If I get it, I'm willing to take it. If we start to shoot to the upside, I'm willing to get in the market there as well.
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