 What can trade us to another Tick Mail earnings report preview with me, Patrick Mandley. Before we jump into today's report, as always, we want to adhere to the risk disclaimer. This pertinent to today's presentation is the fact that the views expressed by me are solely mine, they are not indicative or representative of those held by Tick Mail UK or Tick Mail Europe Limited. Okay, let's jump into today's report and we are looking at Apple. Apple are set to announce after the close of New York trading today, looking for an earnings per share of $1.32 on revenue of $82.42 billion. Company has actually already warned about up to an $8 billion revenue hit from various factors and has been typical during the pandemic. Apple did not provide formal revenue guidance for the June quarter during its previous earnings report. However, Apple did warn of a potential $4 to $8 billion revenue hit because of supply constraints and strict COVID-19 lockdowns in China. In 2022, zero tolerance policies in China led to multiple lockdowns and factory closers throughout Apple's supply chain. Although Apple compensated for some of the lockdowns, the Cupertino firm is still expecting them to have a significant effect on its June quarter. Apple's supply chain has been fluid during the pandemic, with past constraints contributing to revenue hits of around $6 billion in the last quarter of 2021. During that quarter, Apple missed Wall Street expectations, though it didn't provide revenue guidance. Apple did say it expects gross margins between 41.5% and 42.5% and operating expenses between $11.1 and $11.3 billion. Despite the hardware challenges, Apple said it expects it to see the entire business as well as individual segments like services to continue seeing double-digit growth in the June quarter. On Apple's hardware, multiple reports and analyst comments indicate that the demand for the iPhone 13 and iPhone 13 Pro is still unusually strong for this time of year. Apple's iPhone is also contributing to gains ground in China and is selling well despite smartphone downturns. The June quarter will also see the first full quarter of availability for new devices like the Mac Studio, Studio Display and third-generation iPhone SE. Apple announced new Macbook Air and Macbook Air Pro models with M2 chips during the quarter, but only the latter device shipped during that quarter. However, the Macbook Pro won't likely have significant effects on Mac shipments given that it's debuted towards the end of the quarter. Many analysts are optimistic that Apple will outperform on match expectations in the June quarter despite ongoing macro and supply constraints. Let's take a look at some of the statistical trading patterns around Apple's earning leases. Apple shares have moved lower in the immediate aftermath of earnings 7 out of the 12 previous reports. On average, stock moved up 0.5% in the first day of trading. Based on previous 12 earnings releases, Apple is more likely to trade higher one day after earnings for an average of 0.2% gain. On average, the stock has moved higher by 1.7% one week after earnings. Let's take a look at what the options market is pricing into and the volatility around the earnings release. Options traders are pricing in a 4.5% move on earnings. The stock has actually averaged a 3.4% move in recent quarters. Finally from a flow and sentiment perspective, it's been big buying 54,076 contracts of the $160 call which expires this Friday. Apple's order flow in general has been bullish. Investor sentiment gains company's earnings release has 45% expecting an earnings beat. Apple's share price has drifted down 2.1% post its last earnings announcement. Using the last 12 quarters of data, the average earnings drift between announcements is 10.1%. Let's pull up the Apple chart now and take a look at where there might be some near term trading opportunities. Apple has recovered from the lows posted in mid-June and we are trading in this ascending trend channel now. Bear in mind that 160 call that's got all that attention. Any positivity coming out of the earnings and a gap through the channel here and above that 160, I want to engage on the long side initially looking for a test of 168 which is the 78.6% trace of the prior decline and then on to the trend line resistance and this high volume node at the weekly timeframe here which would see us trading up to just below 174 as the primary upside objective. From there I'd be watching for bearish reversal patterns to cover those long positions looking for another pullback. The alternative scenario is obviously we get a weak report and we gap through trend channel support here at 150 if that's the case and I want to be engaged on the short side and I'd be looking for move back down into the 140 level where once again I would look to see if we can get bullish reversal patterns as an opportunity to re-engage on the long side. As always traders, plan the trade, trade the plan and most importantly manage your risk. Until next time, thanks very much.