Most investors today are likely content to see if the S&P 500 can end the week on a positive note after earnings have shifted the market into a drift lower on less-than-bubbly earnings results.

This morning, we’ll look at three of the Nasdaq-100’s largest components: Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT) and Cisco Systems, Inc. (NASDAQ:CSCO). Together, the three stocks account for 18% of the index. So if we understand AMZN, MSFT and CSCO, we’ll understand where the Nasdaq-100 is going.

Amazon.com, Inc. (AMZN)

Amazon’s earnings disappointment has been splashed all over the headlines. The company’s CFO took the spotlight to explain the dramatic increase in the company’s expenses that caused earnings results to sag. Put simply, world domination of the retail market is getting more expensive as Amazon is turning more and more toward being brick-and-mortar itself (terrible irony).

While the fundamental moves that the company is making are positive for the long run, it was pretty clear that AMZN stock was priced for perfection.

Amazon’s chart has been a bull’s dream, as this tech stock has been a low-volatility climber that has led the market higher. Today’s earnings reaction will leave a mark on the chart, though, as AMZN shares are going to break considerable technical measures.

First is Amazon’s 50-day moving average, which has been steadfast support for more than a year. However, the bulls didn’t rally to its cause today, and the break will trigger some heavy selling activity. Second is the lower Bollinger Band, the break of which should send AMZN stock precipitously lower as volatility once again enters the picture.

Remember: Amazon has become one of the largest holdings for mutual funds, so the pressure may be significant.

Silver lining time: Amazon’s chart shows two support levels that should attract buyers. First, the $760 level represents major chart support that came in force multiple times through the summer. That $760 mark also is the 25% Fibonacci retracement level from the February lows to the October highs.

After this, $700 — the site of Amazon’s 20-month moving average — becomes a buying opportunity for long-term bulls. This will ultimately maintain AMZN’s bull market run.

Microsoft Corporation (MSFT)

Unlike Amazon, MSFT did a great job of beating its earnings mark and has benefited from that with a 7% move higher. Unfortunately, the rarefied air that Microsoft sits in doesn’t appear to be strong enough to hold shares back from a reversion move.

Since its rally, Microsoft stock has been struggling to hold the $61 level and is starting to drift lower as traders exit their short-term profitable positions. This seems like a smart move, as MSFT is working off overbought conditions.

Microsoft slipped back into its Bollinger Bands yesterday by moving below the top band situated at $60.93. The move within the normal distribution of pricing signals that MSFT stock is likely to revert back to an average price in the neighborhood of $58.25.

Support for Microsoft also sits at $57.76 after the reversion. Short- and intermediate-term buyers should be lying in wait at those prices.

For now, the charts are targeting a 4% to 5% decline. That would be easy to sidestep, and investors could jump back in on the pending support.

After all, Microsoft’s long-term picture remains bullish.

Cisco Systems, Inc. (CSCO)

Cisco is a late reporter when it comes to earnings. In fact, the network giant won’t release quarterly results for another two weeks. But CSCO is prepping for the move already, and the chart is starting to represent some bullish activity.

CSCO stock saw a long consolidation ahead of the last earnings report, fortifying support before rallying 7%. The past two weeks have seen a similar fortification of the $30 level that should help strengthen Cisco’s rally potential.

Like International Business Machines Corp. (NYSE:IBM), Cisco Systems has done a good job of converting its fundamental product line to a more modern demand — something Wall Street still hasn’t come to terms with. So Cisco is more likely to beat expectations as the business has been strengthening.

The $30 level is acting as strong, round-numbered support. Shares have been hovering around technically oversold conditions. That means the slightest positive news in the earnings announcement will cause a “buy the news” reaction that will target the $33 price range immediately.

The momentum of Cisco’s stock has been improving per the MACD indicator, indicating there is less resistance to a move higher as well.

Finally, in the case of an earnings miss or failure, Cisco’s 10- and 20-month moving averages stand ready to support shares at the $28 mark. This is a 6% downside move compared to the 10% to 11% upside that CSCO stock currently holds.

I like that risk-to-reward ratio.