If you woke up to some ugly charts this morning, you’re not alone! Tech stocks tanked alongside developments on the AI front. I already wrote and shared my ES futures research and outlook with my S&P Edge Pro subscribers, then I thought the whole Tribe (that includes you!) would do well to get a sense of what’s going on in the Nasdaq via the NQ futures. So here is a special edition of the Skinny on the Nasdaq. Remember this is education, not advice, I do not have a crystal ball. Good luck out there!
RIGHT CLICK CHART AND OPEN IN NEW TAB TO ENLARGE E-mini Nasdaq 100 futures Mar 2025 (TradeStation: NQH25) / Mon Jan 27, 2025 / 9:07 AM Eastern Time / 120 MINUTE CHART
OUTLOOK
During the overnight, futures gapped lower to 21,769.75 then plummeted, amidst tech stocks getting hammered with Chinese company DeepSeek threatening Nvidia’s AI market dominance.
Price: NOTE that all of this overnight price action came RIGHT BACK to the Nov 19 daily chart range of support.
Time: And futures are at the Price-Sub targets of a Pretty Buy Point A and are also attempting an upside break of a Pretty Trend Line set.
Momentum: All of this is after the RSI reaching extremely oversold conditions (12.91) on the 60-min time frame.
Therefore, the outlook is for further upside. A move above 21269.00 would promote 21769.75.
If futures are not able to climb above 21269.00 and instead resume lower, I’d watch out for losses toward 20640.25.
NQ MARCH 2025 CONTRACT | KEY PRICE LEVELS
Resistance Above
22450.00 – Dec 16 ‘24 Contract High
22093.50 – Wed Jan 22 high
21769.75 – 240-min Post Gap High
21269.00 – 240-min Bar High
Current price: 21129.25
Support Below
20640.25 – Tue Nov 29 ‘24 Price Low
20248.75 – Thu Oct 31 ‘24 Price Low
20025.00 – Tue Oct 1 ‘24 Price Low
Hima Reddy, CMT
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