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Several S&P 500 stocks report earnings on Tuesday, February 24. With Nvidia reporting the following day, I narrowed the focus to four names that are sitting near defined technical levels.
After reviewing price action, market timing, and momentum on the daily charts, I then used intraday levels to refine what would need to happen for a breakout to develop.
Here are the ones that stood out.
🔍 Highlights
1️⃣ HD — Home Depot
HD has been recovering after a longer-term downtrend that began last September. Most recently, price pulled back from the February 12 high but is still holding above the February 2 low, which keeps the broader recovery attempt intact. RSI on the daily chart has returned to the Bull Support Power Zone, even after a recent Bull Bear RSI Face Off between price and momentum.
On the 60-minute chart, the most recent high defining the short-term downtrend sits at 384.82. A break above that level would suggest the next leg higher may be underway. If that happens, the initial upside reference is near 397, followed by the 411 area.
2️⃣ KDP — Keurig Dr Pepper
KDP has been trying to form a base since September and is now higher off the January 28 low. Price is pressing into resistance near 30, which has already been tested. A daily close above 30 would open the path toward 35, which represents a meaningful percentage move if momentum builds from here.
On the downside, a break below the February 9 low would shift the tone back toward the 25 area.
3️⃣ AMT — American Tower
AMT has been under pressure but recently put in a turn and is attempting to resume higher. If today’s candle closes near current levels, short-term forecasting techniques point toward 283.5 by March 2. That projection is based on the current structure and assumes price continues to build from this recent pivot.
Earnings do not automatically invalidate a forecast. Often they act as the catalyst that fuels a move already suggested by price and momentum. If the recent turn fails, the setup would need to be reassessed. Managing that pivot is part of the Lost Forecasting methodology.
4️⃣ FSLR — First Solar
FSLR has been correcting lower but is now forming a compact base with clearly defined support and resistance. The structure makes it easy to identify what needs to happen next. On a daily closing basis, price would need to clear 250.36 to confirm upside continuation, which would open the path toward the 280 area.
However, the 60-minute chart shows support near 230. If price breaks beneath that level before reclaiming resistance, the probability increases for a move back toward the lower end of the range near 214. The range is tight and clearly defined on both sides.
These setups are developing just ahead of earnings. When price is already sitting near defined support or resistance, the earnings report can simply serve as the catalyst that resolves the range.
Define your level first. Then allow price action to prove itself before pressing further.
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