Stocks Slide on Amazon and Intel Earnings as Oil Threatens to Break Higher

Stocks are falling this morning as weak earnings from Amazon and Intel add to the selling already seen in Google. A reported Binance security breach is hitting crypto at the same time, while oil threatens to break higher and add another source of pressure. I’m watching whether stock support gives way into next week, with Bitcoin approaching $75,000 and oil testing $103.60.

In One Minute

The main concern is that failed stock market breakouts are opening the door to more selling as earnings disappoint and fears about crypto security return. Falling 10-year yields are offering little immediate relief to gold and silver, where institutions may be raising cash to manage pressure elsewhere. Lower prices could create buying opportunities, but several charts still point toward deeper support before a more dependable bounce develops. SPY’s immediate tests are $760.40 and $759.97, while a daily oil close above $103.60 would make the broader setup more difficult.

The Context

The common thread here is failed breakouts and repeated tests of support. When price moves above a trend line and then falls back beneath it, the reversal can produce a sharp move in the opposite direction. That is why I’m cautious about buying the first decline before the next support area has had a chance to hold.

Institutions may also be selling gold and silver to cover margin requirements or raise cash to add to larger positions under pressure. That could explain why precious metals are falling even as yields ease, although it remains a possible explanation rather than a certainty. If stock selling continues, demand for gold and silver as safe havens could eventually return, with silver also influenced by its industrial uses.

Key Developments

The S&P 500 is showing a failed recovery through the SPY chart. Yesterday, price held above a rising trend line, but today’s attempt to regain that line is failing. I expect support at $760.40 to be tested and likely broken, bringing the gap fill at $759.97 into play.

If selling continues into next week, the next gap fill is $754.01. Farther down, I’m watching the upper boundary of a rising parallel channel dating to October 2022, beyond the lower gap area around $750. That round number could attract buyers and produce a small to medium bounce.

Nasdaq 100 and QQQ are falling before the opening bell as Amazon and Intel weigh on the Nasdaq 100. Initial support is $683.69, with the weekly chart also highlighting the area around $683. The larger rising parallel channel contains the April 2025 lows, and continued selling into next week could bring its lower boundary near $656.93 into focus as a longer-term buying opportunity.

SMH remains my gauge of risk appetite during the artificial intelligence, data center, and technology rally of 2026. Its recent three-day surge reached the midpoint, or 50% area, of a narrow rising parallel channel and stopped at resistance. That channel dates to the April 2025 lows, and price has repeatedly failed to maintain the breakout established in April of this year.

Minor support is $527.55, but I expect the selling to work toward the July low at $503.63 and the nearby $500 round number. Reaching that area today would require a very large decline and looks unlikely, making it more relevant over the coming trading days. A declining trend line tied to the earlier breakout attempt is another place where price could eventually find its next bounce.

The 10-year yield is easing and catching support at the midpoint of a parallel channel visible on the weekly chart dating to April 2023. A developing long lower wick shows a response at that level, and I’m watching whether the yield can recover from there and continue consolidating. The bearish consolidation is beginning to break lower, however, and a failure at this midpoint would expose the next support at 4.746%.

US oil has been consolidating beneath a declining trend line since its rejection last Friday. Price was higher earlier today but has since pulled back, leaving $103.60 per barrel as the key breakout level. A daily close above it would support an inverse head and shoulders pattern targeting $148 per barrel, with that target remaining in play while price holds above the declining trend line.

A separate inverse head and shoulders pattern points toward $116 per barrel if the current structure holds. Today’s close and Monday’s close matter because earlier tests on Wednesday, Friday, and Tuesday, September 15, did not establish a sustained breakout. This longer consolidation suggests the current attempt could have more staying power, but the closing price still needs to confirm it.

Natural gas spent the previous four trading days trying to hold the horizontal level at 308 and a rising trend line dating to August of this year. Yesterday produced the first daily close beneath both, and today’s accelerating decline points toward $2.90 as the next potential bounce area. A rebound would then target the declining trend line where the earlier breakout failed.

That failed breakout is another example of price reversing sharply after it cannot hold above resistance. Natural gas can move violently, so I would keep exposure light and allow time for a setup to develop. There can still be opportunities in the bounces, but the immediate direction remains lower.

Gold is under pressure despite the decline in yields, with the first support references at $3,800 and $3,850 around a previous low and a small consolidation shelf. That is the first area where I would be interested in picking some up. If the shelf breaks, the next longer-term references are a rising trend line around $3,650 and the April 2025 high at $3,500.

The $3,650 trend line begins in August 2020 and connects through a later consolidation area. Those deeper levels become important if the current shelf cannot stop the selling. For now, the possibility of institutions raising cash helps explain why lower yields have not immediately lifted gold.

Silver is breaking below $50 and heading toward a nearby declining trend line at $49.09. Its daily RSI, which measures the strength of recent price moves, has fallen beneath the oversold threshold of 30 and is at 24.6. That suggests a technical bounce could be close, with a hold around $49 potentially supporting a recovery toward $59, the midpoint of its parallel channel.

A bounce would not settle the longer-term outlook by itself. From $59, I would need to assess the next pattern and the broader economic environment to judge how well the recovery could hold. The opportunity is in the lower prices and approaching support, with gold and silver potentially attracting safe haven demand if broader selling continues.

Amazon missed both revenue and earnings expectations, while $220 billion in capital spending during 2026 adds to the concern. Fourth quarter guidance was conservative and broadly in line, but investors are still heading for the exits. The stock closed yesterday at $243.79 and is now trading at $225.

The rising parallel channel dates to January 2023, and its lower boundary is almost exactly aligned with the 78.6% Fibonacci retracement at $217.98, measured from this year’s March low. I’m watching $220 first, then that more precise $217.98 support, with a gap fill just below $215. Price could briefly move beneath the support area and still settle around the bottom of the channel by the end of the day.

Intel is falling sharply after weak fourth-quarter guidance, with expectations flat to below third-quarter numbers and production problems at facilities in Israel. Since April of this year, price has traded in the upper portion of a rising parallel channel and repeatedly tested its midpoint. The recovery above that midpoint over the last few sessions has now reversed sharply.

The first gap fill is $66.78, where some buyers may begin stepping in, but I expect the possibility of further selling over the next several days. Below that, the rising trend line is at $60.68, with a possible brief move below $60, followed by the channel bottom around $45. After a large earnings move, I prefer waiting three to five days for margin pressure and position adjustments to settle before reassessing a purchase.

Institutions may want to add to longer-term holdings such as Intel while needing to sell other positions to fund those purchases. Moving that money can take time and leave selling pressure unresolved across several sessions. That is another reason I would let the chart develop before deciding whether the decline offers a worthwhile entry.

ASX beat earnings per share expectations by 8.14% and revenue expectations by 2.65%, but margin pressure and capital spending concerns are pulling the stock lower. Price is approaching a gap fill around a brief move below $40, with the bottom of its parallel channel at $39.66. That area could hold for an intraday trade.

The problem is that support has already been tested three times, and the fourth test is arriving soon after the last one. I see roughly a 50% chance of a break on that next test, making the boundary more vulnerable over the near to medium term. A bounce around $40 remains possible, but I expect the channel could break going into next week.

Reddit is falling as artificial intelligence disrupts organic search traffic and the revenue connected to it, a concern also affecting Google. The stock has dropped from $129 to $98 and is touching and briefly moving beneath the 78.6% Fibonacci retracement measured from the August 2024 low. The earlier 61.8% retracement saw repeated moves below support during its initial tests, and I expect similar behavior could develop here.

The next references are a brief move below $95 and, more conservatively, a brief move below $80. That lower area connects the April 2025 low with trading before the October 2024 breakout and a rejection in July 2024. If selling continues into next week, this range could provide enough support for a recovery toward $119 to $120, retesting the March low.

Digital Assets and Crypto

Bitcoin fell violently yesterday as the reported Binance breach brought security concerns back to the center of the crypto market. Nearly $6 billion is potentially compromised, with $1.6 billion of Tether reportedly stolen from wallets in an incident appearing to originate in the Far East. That is prompting investors to reconsider how much money they want exposed to crypto.

The Clarity Act has not passed, leaving uncertainty over whether it will help next year. I expect more discussion after next week’s election period, with further dialogue through November and December. For now, that policy possibility does not remove the immediate security concerns or the selling pressure.

Bitcoin’s first support is $75,000, the September low. On the weekly chart, it remains largely contained within a rising parallel channel dating to April 2021. The major head and shoulders downside target remains active because price has not recovered above the neckline, although I do not think there is much chance of reaching the full target.

I do think Bitcoin can briefly break below $75,000 if the selling persists. Around $70,000, the lower boundary of the long-term channel could offer an attractive discounted buying area. That is a setup for the next several weeks, potentially a couple of months, rather than a reason to assume the decline has already finished.

Coinbase missed revenue expectations and is also being hit by the security concerns surrounding Binance. Price is approaching historically important support, but it has spent nearly the entire year repeatedly testing this range. The broader structure looks like a bear flag, a consolidation that leaves the stock vulnerable to another move lower.

The more conservative support is $137.34, on a trend line that has already held five times and could now face a sixth test. Price is also reaching a separate longer-term rising trend line connected to the July low, giving aggressive traders an earlier area to consider. That is too aggressive for me, and I would rather let price settle and wait for the area around $137 to become relevant.

Missing an early bounce would not bother me with this much uncertainty surrounding crypto. Repeated support tests, the revenue miss, and the security incident all argue for patience. I want to see how price behaves at the level before getting interested.

Why It Matters

Several of these declines are happening after price failed to hold a breakout or repeatedly tested the same support. Those structures explain why a lower price can still have room to fall, even when it begins to look attractive. A potential intraday bounce in ASX, for example, is different from the longer-term buying areas being considered in QQQ or Bitcoin.

The cross-market pressure also matters because falling yields are not yet lifting precious metals. Institutions may be raising cash while technology positions fall, and higher oil would add another concern if its breakout holds. I’m keeping those relationships in view while allowing each asset’s own support and closing behavior to guide the setup.

Key Details

Market Outlook: Opportunities and Risks

The opportunities are developing around identifiable support rather than in the middle of the declines. SPY could bounce near $750, QQQ could offer a longer-term opportunity around $656.93, and SMH could stabilize around $503.63 to $500 or its declining trend line. Amazon has overlapping channel and Fibonacci support at $217.98, while Reddit’s deeper support could eventually produce a recovery toward $119 to $120.

Gold’s $3,800 and $3,850 shelf is the first buying area I’m watching, and silver could recover toward $59 if the $49 area holds. Bitcoin near $70,000 is a potential opportunity over several weeks or a couple of months, while Coinbase remains a setup I would approach more conservatively around $137. Natural gas could bounce at $2.90, and ASX could produce an intraday recovery around $40 even with the broader channel at risk.

The risks remain failed breakouts, support wearing down under repeated tests, and selling that takes several sessions to settle. Intel could continue through $66.78 toward $60.68 or eventually $45, while a break in gold’s shelf would expose $3,650 and $3,500. Oil is the upside move that adds pressure elsewhere: a sustained breakout above $103.60 keeps $116 and the larger $148 pattern target relevant.

What to Watch Next

Today’s and Monday’s oil closes are central to deciding whether the move above resistance can last. I’m also watching SPY’s immediate support tests, whether Amazon settles near its lower channel by today’s close, and how Intel behaves over the next three to five days. In silver, the question is whether the $49 area can hold long enough to support the oversold bounce.

The 10-year yield needs to hold its channel midpoint to avoid opening the way toward 4.746%. Bitcoin’s next price test is $75,000, with the lower channel near $70,000 relevant if selling persists, while Coinbase’s repeated approaches to $137.34 deserve caution. After next week’s election period, further Clarity Act discussion through November and December is the policy development to watch.

Bottom Line

Weak technology earnings and crypto security fears are driving the selling, while oil could add pressure if it confirms a breakout above $103.60. There are potential opportunities in stocks, metals, and Bitcoin, but several still depend on lower support being reached and holding. I’m letting those levels come into play before deciding whether the bounce is worth taking.