Zoom Video Communications is a video-first, cloud-native scalable communications system for enterprises designed to facilitate video, voice, chat, and content-sharing across devices and locations through its Zoom Meetings and Zoom Phone applications. Zoom was founded in 2011 and completed its initial public offering on April 18, 2019 at $36 per share. Zoom derives about 20% of revenue from outside the U.S.

Roblox operates a free-to-play online video game platform with about 85 million daily active users. This platform has spawned a virtual universe and a Roblox economy based on the Robux currency. The platform houses millions of games from a wide range of creators—spanning from young gamers themselves to professional development studios. Roblox offers creators the tools, publishing abilities, and platform for their games, enabling anyone to create a game. Creators earn money when gamers make optional in-game purchases within their games and by offering space for real-world advertising, and Roblox earns revenue primarily by taking a cut of these earnings.

Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company’s website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.

In addition to the FOMC meeting and interest-rate decision (and Powell's presser), this is another big week for first-quarter EPS, with results from PLTR, CMI, AMD, ANET, MAR, DUK, NVO, UBER, DIS, ARM, APP, MELI, HUBS, DASH, SHOP, BUD, COP, MCK, and COIN (to name but a few). With almost 75% of S&P 500 companies having reported, 76% have beaten the analyst consensus on EPS and 62% have beaten on revenue. After a torrid nine-day surge, the major indices and many stocks are overbought for the short term, so it wouldn't be surprising to see some near-term consolidation. The five-day relative strength index (RSI) hit 84% on Friday and the five-day exponential moving average (EMA) was 1.7% above the 13-day EMA, the largest spread since November 2022 -- when the S&P 500 (SPX) was emerging from a bear market. We also saw these over-bought levels during the 2022 bear market and months before the actual bottom in October. Another potential reason for a possible market pause is that the major indices are in "no man's land." The SPX is sitting in between its 50-day and 200-day average and, unfortunately, so is the S&P 100, Nasdaq, and Nasdaq 100. As well, the majors are sitting at or slightly below the key 61.8% retracement of their corrections. Generally, a strong break above this retrace level sends the all-clear for indices to march back to prior highs and possibly to new highs. While the majors all have completed bullish ABC reversals, the targets based on the size of these patterns have been fulfilled. It looks like they are all working on much larger inverse head-and-shoulders patterns -- but more upside is needed. (Mark Arbeter, CMT)