Big Tech quarterly results and price actions were mixed. Google (GOOGL Quick QuoteGOOGL - Free Report) and Facebook both surged off the engagement tailwind. Apple (AAPL Quick QuoteAAPL - Free Report) saw modest gains as services drive a progressively larger portion of its income. Microsoft’s (MSFT Quick QuoteMSFT - Free Report) essential enterprise cloud services have left the firm virtually unscathed by the pandemic. Amazon (AMZN Quick QuoteAMZN - Free Report) share were trading at all-time highs going into earnings. All investors needed was the EPS miss we saw to start pulling profits.

S&P 500 bounced off a resistance level at around 2,940 on Wednesday. The equity markets had traded up to levels that were unsustainable in this economic environment. I am looking for us to pull back to 2,650 before I start buying stocks again.

Check out my article The Market Rally Is Exhausted After Big Tech Earnings, for more information on the matter.

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