Nasdaq 100 futures (NQ) are currently trading around the 29,179 mark. Analysis of the 30-minute chart indicates a preference for buying activity, with prices consistently staying above the developing Volume Weighted Average Price (VWAP) for the current trading session. This suggests that market participants are accumulating positions at elevated levels.
The overall market sentiment for NQ appears to lean towards an upward trajectory. However, as the price approaches various significant technical reference points, market participants should anticipate increased two-way price action and potential resistance. Retail forex and CFD traders often use Nasdaq futures as a benchmark for broader tech sector performance, making these levels relevant for related equity and index CFDs.
A crucial level for maintaining this bullish outlook is 28,950. This point aligns closely with the VWAP from July 20. As long as NQ futures remain above 28,950, buyers are considered to be in control on the 30-minute timeframe, suggesting continued upward momentum.
Key Resistance Levels to Monitor
- 29,195: The immediate hurdle for NQ futures is the developing value area high for today’s session. A temporary pullback from this level would not necessarily invalidate the existing bullish structure. A sustained break and hold above 29,195 would, however, reinforce the argument for further gains towards reference points observed on July 16.
- 29,292: This level precedes the 29,300 Point of Control (POC) from July 16, which could act as a significant magnet for price action today.
- 29,362: Located just beneath the 29,370 VWAP from July 16.
- 29,482: Positioned ahead of the more substantial 29,490 value area high from July 16.
In summary, while Nasdaq futures show a clear bullish inclination above 28,950, traders should remain attentive to these identified resistance zones, which could trigger profit-taking or increased selling pressure.
📰 Based on reporting from: ForexLive →