Nasdaq100 Futures (NQ) recovered fully from day lows by the end of the day, today. That’s a positive sign regarding the support at 12,000 level. Nasdaq Futures lost about 1700 points in the last 15 days since the recent market top on 16th August 2022.
Such intraday recovery by Nasdaq Futures with a “bullish hammer” candlestick pattern can give a rally of 500 to 1000 points, so we can expect a retest of 12,500 and 12,800 levels in the coming week. Strong resistance will come near 13,000 level. A retest of 12,000 level is also possible in the next 1-2 days before this recovery rally comes. Traders can stay long above 12,000 level for targets of 12,500 and 12,800. Thanks.
Following is the Nasdaq Futures daily chart for the last 6 months. The overall downtrend is clearly visible, and all rallies have a strong chance of getting sold off till we make new highs, which is far away. Minimum requirement is 13,800 for safety and more reliable long trades in Nasdaq Futures. Thanks.