Thursday's Market Minute: Are Nasdaq Futures Ready For An Uptrend?

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

Nasdaq futures have been trending lower since November with price now down about -19% as of yesterday’s close since the intraday highs from that period. But the tech-heavy index may have formed a short-term bottom on the back of some important technical levels, especially after yesterday’s 2.8% rally.

Granted, the situation doesn’t look completely bullish on its face as the /NQ is trading below all its major Simple Moving Averages and Exponential Moving Averages, all of which are sloping downward. However, the area near 12,900 looked important because it’s near both old lows from last May as well as the yearly -2 Standard Deviation Channel, which suggested the price was at a relatively extreme downside level, and it had been consolidating near this area for more than a week.

Now, the MACD is on the verge of a bullish crossover, which would signify a shift in momentum to the upside, and the Parabolic SAR also saw a bullish crossover, which could mean the trend direction is changing. If price does start to change direction toward the upside, watch for potential resistance near the 21-Day Exponential Moving Average near 13,587.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.