Nasdaq Futures (NQ) are at 11,884 and they are trying to take support at 10 day SMA, but the Momentum Indicator (CCI) is indicating weakness and selling pressure, so we should be read to see some more correction of 100-200 points. There is clear resistance at 12,150 level and the Nasdaq Futures have failed twice at that level in recent days.We have also seen strong support at 11,400 level multiple times in recent days. The Momentum Indicator (CCI) made a new high in recent days, even though price did not go up much, and that’s a positive, and we could see a rally in July to test 12,400 level, so we can take that as near term Nasdaq100 target.
Nasdaq Futures (NQ) are currently at 11,160 — down 4.8%. Its a fresh breakdown after yesterday’s brief rally. Nasdaq futures have now lost nearly 1900 points in the last 5 days. Nasdaq futures have been showing high volatility, and every single rally is getting sold at double selling force. None of the key resistance levels have been crossed in recent days, and new support levels are breaking. 11,000 is the long term support, but its difficult to say if that support will hold because the US Fed and global central banks have decided that steep interest rate hikes is the only solution to inflation, and they are willing to do it even at the expense of causing a recession the year end 2022.
Futures Trading Services for S&P500, Nasdaq100, Energy & Agri Commodity Futures
