Nasdaq Futures Analysis-22May2020

Nasdaq Futures (NQM20) are currently at 9377, and their near term target is 9490-9500, which is matching the the upper end of the bollinger band.

Traders can keep 9490 as the target on their long trades of Nasdaq futures. There will be significant resistance around 9500 level, and traders should take profit at 9500 level and wait for a few hours for market direction to become clear. There is strong support for Nasdaq futures at 9350-9380 level in the short term.

Nasdaq Futures Analysis – 30Apr2020

Nasdaq100 futures (NQ) faced sharp correction today, currently at 8823, down 2.93%. In the 30 minutes chart above, its visible that the Nasdaq futures broke their uptrend early today morning, and then kept correcting the whole day. There is a support at 8800, and then at 8650, but we can’t count on them, because the uptrend has broken on daily charts (see below).

The daily chart of Nasdaq futures also shows that the powerful uptrend that started from 6800 levels has broken in last few days, and yesterday’s rally was unable to break back into the uptrend and a sharp corrected followed today. As per this daily chart, the major support is at 8300-8500 level., which much below the current level of 8830. Traders have to be very cautious here, and 9000+ level is needed for any fresh long positions. Thanks.