 Welcome, traders, to another TickMill Earnings Season Preview with me, Patrick Munnerly, before we jump into today's report. As always, I want to adhere to that risk disclaimer. Most pertinent to today's presentation is the fact that the views and opinions expressed by me today are solely mine. They're not indicative or representative of those held by TickMill in the UK or TickMill Europe Limited. Okay, let's jump into today's report and we are checking in with Amazon. Amazon are set to announce earnings after the close of trade in New York today. We are looking for an EPS of 1.938 on revenue estimates of 121.415 billion. Analysts expect Apple to post its first year-over-year revenue decline since 2019. Difficult macroeconomic climate is pressuring sales of iPhones and other Apple devices, plus Apple suffered supply constraints from COVID-related production slowdowns and its main iPhone factory plant in China last year. Apple gave a rare warning to investors that's month explaining that production issues would result in lower shipments than previously anticipated. It was a data point that caused many analysts watching the stock to trim back their earnings estimates. Concerns are high from investors as consumer spending pulls back across various product segments, including smartphones. Weaker consumer spending is likely to drive Apple's sales and earnings estimates lower for the rest of this fiscal year. While markets don't expect the resumption of detailed guidance typical of Apple earnings prior to COVID, expect the commentary to be cautious regarding product demand across the board. Smartphone markets saw an 18% decline in shipments in the fourth quarter of last year, according to data from IDC, the worst decline ever recorded by that market research firm. The PC market fell 28% in the fourth quarter, according to the company, but many investors believe that Apple is outperforming its competitors, even in a contracting market environment. Let's jump in and take a look at some of the statistical trading patterns we've witnessed around Apple earnings. Apple shares have moved lower in the immediate aftermath of earnings. 7 out of 12 previous reports, on average, the stock has moved down 1.1% on the after the first day of reporting earnings. Based on the previous 12 earnings releases, Apple is more likely to trade lower one day after earnings for an average loss of 0.1%. However, on average, the stock has moved higher by 1.1% one week after earnings. Let's take a look at where the analysts forecasts are. So of the 41 analysts giving a view on Apple over the past three months, the majority have Apple as a buy to strong buy. In terms of the share price forecast over the next 12 months, to the downside, looking at a minimum exposure there of $118 to the upside, looking at $200, with the average coming in at $168.48. From a flow and sentiment perspective, the options market is pricing in a 4.7% move on the earnings release. The options market has overestimated Apple's earnings move by 67% given the last 12 quarters of data. It has been notable buying 5,391 contracts of the $144 call expiring on Friday. And options order flow sentiment in general has been bullish. However, investor expectations has only 43% of investors expecting an earnings beat. Okay, let's pull up the Apple chart and see if we can identify any near-term trading opportunities or trading patterns. So from a technical perspective, after putting in the low into the beginning of this year, $124, we've seen a nice rise in the stock up to trade just shy or just over that $144 calls. That's in the money at the moment, $145.56 at the close of trade yesterday. So I've been looking for any move through $148.50. $148.34 represents a potential three-way corrected move, but the structure looks bullish and impulsive to me at the moment. So I'm looking for a move through $148.50 initially targeting $152.82 and then onto range resistance at $157.26. From there, I can see the potential for a pullback before setting up a test for that upside target. The analyst forecast looking for $168. We have the weekly descending trend channel coming in there, $169. So I do see the potential that we test that level certainly as we hold support back into any move into the mid-130s. However, if we take out the range resistance and we get an upside surprise with Apple, then I would just maintain longs and I would trail stops using the trend channel as an invalidation point for my position. At this stage, it would really take a close back through $133. That pivot there to suggest a more meaningful bearish development and a retest of those prior cycle lows into the $124. As always, trade does plan the trade, trade the plan, and most importantly, manage your risk. Until next time, thanks very much.