In after-hour trading following the 5/9 session, Yelp plunged from around 35 to around 25. Obviously the market did not like its Q1 earnings report. Here's an explanation from thestreet.com:Shares of Yelp (YELP) were plummeting 27.9% to $25.01 in after-hours trading on Tuesday after the crowdsourced review company posted worse-than-expected fiscal first quarter revenue. Yelp also gave 2017 sales guidance that fell short of Wall Street's estimates. After Tuesday's closing bell, Yelp posted an adjusted loss of 6 cents per share, which was narrower than analysts' expectations for a loss of 8 cents per share. Revenue increased 24% year-over-year to $197.3 million, but still fell below Wall Street's projected $198.3 million. The San Francisco-based company also lowered its full-year sales forecast to be in the range of $850 million to $865 million, down from its prior estimated range of $880 million to $900 million. Wall Street, meanwhile, was looking for revenue of $888.7 million for the year. The reaction was immediately negative. But it is not like the market was bullish on Yelp before the report. In fact, the chart shows the market already cautious ahead of the event risk.YELP Daily Chart(click to enlarge)Trend Shift:- The daily chart shows that the trend was bullish in 2016 until price climbed to 43. - Then it traded sideways a evidenced by the failure to clearly close above 43 in February 2017. This subsequent dip back to 32 confirmed a sideways market.- More recently, price came up to around 36 and met the 200- and 100-day simple moving average.- First of all, the 100-day simple moving average was crossing under the 200-day SMA. This reflects the trend shift from bullish back to sideways. - Then, the fact that price held under the 200- and 100-day SMAs reflected that the bears are in charge. This added the bearish bias within the consolidation range, which put the 32.00 support back in sight.- The chart did not warn about the dip to 25, but it did warn us that the 2016 bullish trend has lost fuel and might be giving way to bears in May. - The earnings report turned caution into a mini-panic selling. I think the 22-23 area, which was the neckline to the early 2016 price bottom, could be the next support area.