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.
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Nasdaq Futures Analysis– 10Mar2021
Nasdaq futures (NQ) have made a strong double bottom on the momentum indicator (CCI) on the daily chart, and this makes it a very reliable setup for upmove. Therefore, we should be long on Nasdaq futures above 12,500 and more longs can be added on a closing above 10 day moving avg of 12,780. We can stay long for target 13,250 with 12,500 as the stop loss. The Nasdaq futures have a resistance at 13,300 and above 13,400 we can add fresh longs for target 13,800.