Traders who don’t pay attention to quarterly earnings might want to dial down their social media consumption and focus on reports soon to be released.

This week qualifies as a blockbuster for earnings season.

Multiple Big Tech companies that fuel the Nasdaq and boast almost $10 trillion in market cap are set to release quarterly earnings. Four of these companies – Alphabet (formerly known as Google), Amazon, Apple, and Microsoft – comprise 20 percent of the S&P 500. Rounding out the six are Facebook and Tesla, perennial darlings in Big Tech.

Will earnings reports from these power players continue the constant “dip and rip” market action of late? Will they fuel the market rally higher or set in motion a crushing downturn?

The market started the week Monday choppy across the board with the Nasdaq struggling not to turn lower ahead of scheduled reports.

There is a hint – thanks to bulls fighting for control and the Fed always at the ready to fend off a downturn – that the market will emerge on the other side rising into a melt up.

If these earnings reports roll out strong results, market expectations may continue the bull run. Any slip up that goes against expectations could spark a sharp reversion to the mean.

Alongside the earnings reports this week there is an Federal Open Market Committee (FOMC) that could send the market and traders guessing at what lies ahead.

Simpler’s traders will be sure to stay dialed in on the FAANG stocks – Facebook, Amazon, Apple, Netflix (how it handles the earnings), and Alphabet – and avoid any nasty bite going against your position. We’ll also be watching those pack stragglers – Microsoft and Tesla.

We Saw: High anticipation ahead of Big Tech earnings reports –

• Key stocks hit records as FAANG earnings unveiled
• Fast food companies lamenting labor shortage
• Housing boom showing sharp “pause” overall

We’re Watching: For opportunities in tense earnings season market –

• Strength of bulls as earnings reports roll out
• Bitcoin back in play, heading above $40K
• Setups in: TTD, PTON, UPS, TSLA