Probably just an upward correction, but...

April 26, 2018 12:22 PM

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Nasdaq Trades Along 6,600

The technology Nasdaq 100 futures contract follows a similar path, as it trades within an intraday consolidation. Investors await series of quarterly earnings releases. The market retraced a part of its recent decline and it fluctuates along 6,600 mark. Volatility remains relatively high following yesterday's bounce off daily low at around 6,430. The nearest important level of resistance is at 6,610-6,620, and support level is at 6,550-6,560, among others. The Nasdaq futures contract retraced some of its recent move down, as we can see on the 15-minute chart:

Apple, Amazon: Uncertainty Ahead of Earnings Releases

Let's take a look at Apple, Inc. stock (AAPL) daily chart (chart courtesy of http://stockcharts.com). It sold off on Friday, following Thursday's move down, and it broke below the support level of $165 on Tuesday. Apple will release its earnings report on May 1, so expectations before that release seem to be negative. Will we see some "sell the rumor, buy the fact" action? Potential support level is at around $160:

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