Dow stock Intel is at a critical technical inflection point and its next move could either rally or weigh on markets, says Johnson, chief market technician at Piper Jaffray.
"Intel has already broken below its 40-week moving average, and now it's coming back to retest the uptrend support line off the '15 lows. That's going to be a critical support line," he said on CNBC's "Trading Nation" on Tuesday.
Intel is still a roughly 9 percent drop to that trendline that stretches back to the 2015 lows.
"I would think that the stock would perhaps come in further and retest that line before it starts to move higher," added Johnson.
Gilbert, market strategist at Susquehanna, says Intel's earnings call could be more influential than its report.
"Their actual numbers aren't going to be as important," Gilbert told "Trading Nation" on Tuesday. "I think the commentary around 10nm [chips] and more importantly competition is going to be incredibly important."
Gilbert says the options market implies a 5.5 to 6 percent implied move on earnings.
Intel is scheduled to report after the bell Thursday.