Following SpaceX’s earnings release, Elon Musk discussed the possibility of a merger with Tesla. This has definitely been fueling AI stock movement. Let’s take a look at how this is playing out on Nasdaq futures.
In recent polls of our HimaReddy Trading Tribe, we have a lot of stock and options traders, but we also have a large group who trade index futures. If you’re following tech stocks, it really helps to pay attention to what the Nasdaq is doing, as it reflects the broader technology market.
My Next Nasdaq Futures Forecast
Looking at the current front month of Nasdaq futures (December 2026), you can see on the daily chart that futures have moved higher off the Monday, October 19 low. They still remain capped by last Friday’s high at 30,225.00.
Based on the techniques I teach in my Lost Forecasting Trading System, I don’t think that resistance will hold for long. My forecast is for futures to trade up to 30,485.75 by Tuesday, October 27.
If that unfolds as projected, I would then reassess whether there’s further upside expected or another potential down move. If further upside continues, the next resistance I would watch is the October 14 high at 30,891.50.
Support Levels If Futures Move Lower
Now, a forecast is a move we calculate as having a high probability, but there are no guarantees.
If, on the other hand, futures trade lower from current levels, especially while maintaining resistance at 30,225.00, I would watch for a return to Monday’s low and then support from the September 16 low at 29,053.00.
I think that’s a pretty important support level, and it’s likely to hold in the short term. But if it gets breached, the next support I would watch is the old high from the July 29 range at 28,451.75.
Pay Attention to the Stocks That Carry the Most Weight
Earnings season is underway, and AI stocks remain very front and center. If you’re trading an index, you always want to make sure you’re paying attention to the earnings releases of its most heavily weighted stocks.
In this example, we’re looking at Nasdaq futures. Movement in those heavier-weighted stocks following their earnings releases will affect the index more, so it’s important to know when those reports are coming.
We’ll see what unfolds!
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