This Week’s Mag 7 Earnings May Dictate Market Direction Through Summer

by | Apr 29, 2025

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This week’s earnings lineup is massive — over 800 companies are set to report — but all eyes are on the big dogs…

Four of the Mag 7 stocks are up: Microsoft (MSFT) and Meta (META) report Wednesday, Amazon (AMZN) and Apple (AAPL) follow on Thursday.

What happens here could set the tone for the next two to three months.

We’ve had a decent rally off the recent lows, but let’s not pretend it’s been a broad-based move. Microsoft, Tesla (TSLA), and Nvidia (NVDA) alone made up 32% of Friday’s S&P 500 (SPX) gains. That’s not healthy participation — it’s a narrow melt-up riding on the backs of a few giants.

Watch the Retracement Zones

The Mag 7 ETF (MAGS) is holding above key support, and there’s still room to run higher — maybe up into the 50% to 61% retracement zone around $49. That’s where things could get interesting. If we rally into that resistance and stall, it could mark the start of a bigger fade. But if these earnings come in solid and stable, that move higher may have some legs.

Either way, I’m not chasing it. We’re in a low-volume recovery — not a full-fledged broad market rally. It’s reflexive, not resilient. And if sentiment flips bullish right at the top, that’s usually when you want to be looking the other way.

The Stakes Are High

If the Mag 7 disappoints, this market’s going to feel it. We might see a pullback to retest recent lows, or at least form a higher low that sets up a longer-term trend. If they beat expectations and offer solid guidance, we could grind a little higher — but I don’t expect a clean breakout.

This market still has a lot to prove. The fundamentals haven’t caught up to the price action, and with tariffs, inflation, and soft economic data looming, the next few months could get rocky.

Earnings season isn’t just about the numbers — it’s about the narrative. This week, the Mag 7 will shape that story. Watch closely.

I’ll see you in the markets.

Chris Pulver
Chris Pulver Trading

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