Tag Archives: Nasdaq100 Support Level

Nasdaq Futures Analysis- 19Apr2024

Nasdaq100 futures have corrected from about 1500 points in the last one week from 18,600 to 17,100 because of the fears of escalating war in the middle east. The Nasdaq futures are in oversold zone now as per the very reliable momentum indicator (CCI indicator). This is an area of rapid price correction, and we have to wait for the momentum indicator (CCI indicator) to start moving up from this oversold zone.

The Nasdaq futures have a strong support at 17,000 level and we can expect a reversal around current levels. Once the reversal starts, Nasdaq futures can recover till at least 17,800 before facing resistance, and 18,000 level will also present strong resistance.

Nasdaq Futures Analysis of 22 Years from 2000-2022

Nasdaq100 futures are currently at 11,522. The Nasdaq futures chart of last 22 years with CCI Momentum Indicator shows we’re in something similar to 2001-2002 period, with double dip below the oversold line in red color. Such a pattern took some time for proper recovery in 2001-2002, and it was also accompanied with war situation that we have today with Russia war on Ukraine (then it was 9/11 tragedy in the US followed by war in Afghanistan).

CCI Indicator is very useful in such analysis. One this is sure from our historical data analysis over the last 50 years: Momentum recovery will be visible before price recovery!
#Nasdaq100 #NQ #NDX #SPX500 #markets

Support & Resistance Levels

  • Major Nasdaq100 Resistance Level is currently at 13K, which is near the 200 day moving average. Near term resistance is also at 12K, so its also a near term target.
  • Major Nasdaq100 Support Level is currently at 10K, which is the long term trend line support. Nasdaq futures are looking safe above 10K; and a breakdown can happen below 10K level, with immediate downside target as 8K level.

Please Note: Its the Futures Traders who have to worry about sharp corrections (against their positions) and stop losses, etc. Equity Investors can keep accumulating Nasdaq100 ETF (QQQ) during all this period, with regular buying every month especially during red days and red weeks, for good gains in 2-3 years. Such periods of corrections are ideal for equity investing, and Nasdaq100 ETF (QQQ) is the top pick. Thanks.