Nasdaq 100 Futures: On Observe for a Quick-Time period Take a look at of 23,421.75?…

There’s some early help lining up round 23,421, which was a bit swing low from earlier this month. That degree might act like a short-term ground. Beneath that, the 50-day transferring common at 22,959 is the subsequent spot I’d watch—stronger help, and it’s been rising steadily, which tells me the development’s nonetheless intact.

What’s the Good Cash Doing Proper Now?

I feel patrons are nonetheless lurking underneath the floor. The current dip doesn’t really feel like a full-on unwind—extra like consolidation close to the highs. The market hasn’t been spooked by something particular; it simply ran a bit too scorching. And except we see dangerous information from earnings or the Fed, merchants could have a look at pullbacks as potential shopping for alternatives.

That being stated, if we begin breaking underneath 23,421 and might’t maintain the 50-day, then we could be taking a look at a deeper correction. I don’t see that as the bottom case proper now, however it’s value having on the radar.

What Might Push Nasdaq Again Towards the Highs?

Effectively, earnings from heavyweights like Nvidia, plus Powell’s Jackson Gap speech, might gentle a fireplace underneath tech once more. If the Fed alerts it’s prepared to remain dovish whereas inflation softens, progress shares might catch one other bid.

Backside line: We’re nonetheless above development, and the uptrend’s not damaged. However the Nasdaq’s clearly pausing right here. I’m maintaining a tally of 23,421 as near-term help, and looking ahead to any indicators of a bounce—or a breakdown. Time will inform.

What’s Popping and Dropping within the Nasdaq Proper Now?

Even with the index easing again a bit, we’re nonetheless seeing some names entice consideration.