Plus, a look at Wednesday's wishy-washy market action, the Treasury yield curve, Chevron's coming earnings and Lael Brainard's possible exit from the Fed.
The market is shrugging off mediocre earnings reports as underinvested bulls provide additional liquidity.
The nice start for the market in 2023 will soon fade.
The other major technology stocks don't report until next week, but the cloud sector is being hit hard.
The stock will not be cheap for some time.
Would-be traders and investors need to understand that the software giant's stock isn't cheap by any measure.
It was MSFT guidance that turned the post-closing bell rally into overnight weakness.
The primary issue now is whether MSFT earnings will produce a theme reflected in other reports.
Here's what the charts and indicators say after a mixed earnings report.
Keep this stock on your watch list.