Market Update: A Look at the Nasdaq Futures

Apple came out with a ~21% surprise in earnings, enough to push it to all time new highs. As if the stock going from $78.2 to $192.32 wasn't enough to say that Apple will have great earnings, wall streets love child is now pushing levels above $202 after hours.

The chart above is the Nasdaq 100 Futures Contract. I've highlighted where the Fibonacci retracements have served as resistance and support in the past. In fact this looks a lot better than the S&P's retracement levels. I'm also not a fan of using the same indicators as everyone else as I do not believe the market plays in the favor of the majority. With that said I've already made it known that the 61.8% retracement is my next target for the market. When I originally calculated corresponding target prices, this coincided with 1098 S&P, however the Nasdaq has lagged the S&P since and allowed the S&P to surpass these levels.

There is plenty of other resistance overhead, but this one will be key to watch. Tomorrow should be good day in the markets as S&P futures are up 0.41% at time of writing. However a gap up and a close below the open is a very bearish sign. Lets see what happens tomorrow, it should be very interesting.