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The top reports to watch in the busiest week of earnings season, according to two traders

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The busiest week of earnings season is upon us. Here's what to watch

The busiest week of earnings season is here.

Roughly a third of the S&P 500 and 12 Dow components are scheduled to report earnings this week. From Big Tech to Big Oil, a host of familiar names are on deck to release their quarterly results, including but not limited to:

Craig Johnson, senior technical research analyst at Piper Sandler, said he'll be watching the "Triple A stocks": Apple, Amazon and Alphabet.

"They represent about 12.9% of the entire market capitalization of the S&P 500, and roughly, they've got a market capitalization, combined, of about $4 trillion," he told CNBC's "Trading Nation" on Friday.

All three companies report on Thursday, and they all have strong technical setups heading into the results, Johnson said.

"Apple has been a very strong performer this year. It's broken out. We think there's about a 5.5% implied option move here coming into the earnings print, and from our perspective, the trend still remains intact and remains constructive," Johnson said.

The stock of Amazon has also been performing well, with its uptrend from the March lows still intact, the chart analyst said.

"That stock has got about a 7% implied move coming into the earnings print," he said. "We still like what we've seen. We're buyers of dips on Amazon's stock in here."

Shares of Google parent Alphabet are also "very close to breaking out to new highs," Johnson said.

"You've got about a 5.3[%] implied … move in that stock," he said. "It's ... another name that we're going to be watching very carefully."

With large-cap tech falling under pressure heading into the earnings releases, "I think that's going to set the tone" and create possible opportunities for prospective buyers, Johnson said.

"I don't think that the growth stocks are done by any stretch and we still want to be buyers of these names because they still remain leadership in the market today," he said.

Nancy Tengler, chief investment officer at Laffer Tengler Investments, said in the same "Trading Nation" interview that "what investors are looking for is safety, growth and the opportunity to enjoy price appreciation above the market."

As such, she was watching Amazon, Apple and McDonald's for insight into consumer trends.

"Two-thirds of the economy, as we all know, is the consumer. We want to see how much they are sustaining in terms of spending," Tengler said. "McDonald's presents a really interesting perspective … because they're using technology to grow their business."

She's also anticipating more information on what's ahead for advertisers from Alphabet and Facebook.

"I'm going to be watching the advertising trends with the boycotts and then the lack of travel spending. We really want to see what that's going to look like for the foreseeable future," she said.

Last but not least, Tengler has her eye on the industrial space with 3M, Raytheon Technologies and Caterpillar, which she hopes can offer some perspective on the health of the global economy.

"Those'll tell us a lot about the underlying fundamentals of the macro view, and they're all great companies with solid balance sheets, for the most part, so, we'll be looking at opportunities to add to holdings if stocks sell off," Tengler said.

All in all, "if the economy is going to be as slow as we kind of expect coming out of this, you do want to own the growth names and you want to own the companies that can produce reliable earnings," she said.

Disclosure: Laffer Tengler Investments owns shares of McDonald's, Apple, Raytheon, Caterpillar, Facebook and Alphabet.

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