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.
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.