The S&P 500 Index (SPX) began the week trading below potential very strong resistance at its 80-day moving average, and the weeks' events have the index trading about 1.3% below this key technical benchmark. Return back to the 80-day trendline could send the SPX back to the 1,150 within the next few weeks, while a failure here could send the index down to the 1,050 area.
Headlining earnings news, Amazon.com Inc. (AMZN) reported fourth-quarter net income of $384 million, or 85 cents per share, as sales rose 42% to $9.52 billion. Analysts were expecting earnings of 72 cents per share on revenue of $9.04 billion. In electronic trading, AMZN was up 2.67%. Call options were popular ahead of AMZN's report, . The stock could benefit from a bit of short-covering following the event, as some 3.28% of AMZN's float is sold short.
In the tech sector, Microsoft Corp. (MSFT) posted second-quarter net income of $6.66 billion, or 74 cents per share, as revenue rose 14% to $19.02 billion. Analysts were looking for a profit of 59 cents per share on $17.9 billion in revenue. Ahead of the open, MSFT was up 1.51% in electronic trading. Optimism was riding high on the shares ahead of the company's report.
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