Stock futures continued to trade sideways throughout the late night & early morning session without any change to the technicals nor my expectation for a relatively minor bounce off the 8966ish support/target that was hit early yesterday. This 60-minute chart of /NQ (Nasdaq 100 E-mini futures) lists my minimum, preferred & maximum price targets, should the bounce materialize today as I expect.
NQ 60m Jan 28th
My comparable preferred bounce target for QQQ is the 221-221.70 resistance zone. These targets could be used to game a quick bounce for those that went long around the /NQ 8966 or QQQ 217.70 support/targets yesterday as well as a potential long entry on a break above the /NQ 9041 resistance, which I’ve since added to that updated /NQ chart above. Most importantly, remember that AAPL (Apple Inc.) is scheduled to report earnings after the close today. As such, any stock index positions, as well as most individual stocks with a high correlation to the stock market, run an elevated chance of gapping up or down tomorrow, depending on how things go for Apple.
QQQ 60m Jan 28th