CCI (momentum indicator) just went back up into the blue zone, where the price may rise rapidly. The target for Nasdaq futures (NQ) is 20,500 since the time they have closed above 20K for two consecutive days. 19,800 level offers a strong support on the downside.
Nasdaq Futures (NQ) are at 10,821. The momentum has been recovering in the last few days, despite sharp price cuts, so there is a clear divergence in price vs momentum. The momentum indicator (CCI) is showing that NQ prices can move up again to retest 11,200 in the coming week.
Nasdaq Futures Trading Strategy for the week (Oct 17-21, 2022)
Stay long above 10,500 for target 11,200.
A high conviction long trade can start only after the 10 day moving avg line turns upwards. It is currently in strong downtrend. It turned up in early September, but Nasdaq futures got smashed the same week with fresh breakdown.