It seems like the common theme this earnings season is companies meeting or beating estimates while lowering guidance. This has generally led to a sell-off. Square $SQ could not escape this fate after releasing its Q3 earnings report before the 11/8 session. According to Zacks.com:Square Inc. (SQ - Free Report) delivered robust third-quarter 2018 adjusted earnings of 13 cents per share, which beat the Zacks Consensus Estimate by 2 cents and also exceeded management’s guided range of 8-10 cents per share. The figure also soared 85.7% on a year-over-year basis and came in line on a sequential basis. Net revenues of $882.12 million surpassed the Zacks Consensus Estimate of $860.52 million and also came ahead of the revised guided range of $840-$860 million. The figure increased 51% from the year-ago quarter and 8.2% on a sequential basis.To me, this is hardly a "bad" earnings report, but during the current risk-averse environment, SQ might continue to be in correction mode. At least that's what the price action suggests.SQ Daily Chart(click to enlarge)Short-term Bears in Control But Long-term Bullish Trend Remains Dominant:- First I want to note that price has remained above the 200-day simple moving average (SMA), which suggests that the overall bullish trend is intact.- However, the fact that price retreated around $84 suggests bears are still in control. - Furthermore, the RSI has already dug down below 30. And now if it holds below 60 and drops back below 40, we would be observing a market still in bearish correction mode. - I think price will come back to the $65 level, with the prospect of falling towards $60. - But I would limit my bearish outlook to $60 because the overall bullish trend is still strong, and the Q3 earnings report did not reveal any critical risks to SQ's growth.