Between earnings and economic data, it will be a busy week for investors. So far earnings this season have been coming in better than expected. According to the latest data from S&P Dow Jones, 43% of S&P 500 companies have reported results. Of those, 76.5% have topped estimates, with 15.2% missing estimates and 8.3% meeting estimates. That is better than last quarters results and is running ahead of the historical averages.

(Data from S&P Dow Jones)

Earnings Drift Lower

Despite the better than expected results, S&P 500 earnings estimates for 2019 continue to drift lower, now standing $162.65 per share, down from $163.13 last week.

(Data from S&P Dow Jones)

For The Week of July 29

It makes the earnings for the week of July 29 pretty important, and we need to continue to see companies deliver strong earnings results. I think for the most part we should expect that trend to continue.

Apple 

Apple (AAPL) is the most crucial company this week and is scheduled to report results on Tuesday afternoon. AAPL has been rising in a channel the past few weeks. Now it is consolidating nicely around technical resistance at $209.50. I think AAPL has the potential to break out and rise towards $217.50.

AMD 

AMD will report results on Tuesday afternoon, and AMD has been consolidating nicely around resistance at $34.50 for the last two weeks. The chart is a nice ascending triangle, and it appears that AMD is getting ready to lift higher towards $36.20.

Qualcomm

Qualcomm (QCOM) is also due to report results this week. It would appear that a flag or pennant pattern has formed on the chart, and I think that means QCOM rises to around $82.

Shopify 

Shopify (SHOP) reports on Thursday morning, and it appears that SHOP has a nice ascending triangle that has formed. I think that means SHOP could rise to around $390.

Square 

Finally Square (SQ) will report on Thursday afternoon. There is a nice ascending triangle forming here too, and I think that pushes the SQ towards $92.