Introduction
Nasdaq (NQ) futures are close to making new highs again after a short but sharp 4.4% pullback.
Market Snapshot
| Metric | Value |
|---|---|
| Current Price As Of Article | 23,738.50 |
| Day’s Change | +24.75 (+0.10%) |
| 50-Day MA | 22,707.56 |
| 200-Day MA | 21,208.43 |
| Pivot Point (P) | 23,264.00 |
| Key Resistance Levels | 23,946 (R1), 24,527 (R2), 25,209 (R3) |
| Key Support Levels | 23,264 (P), 22,683 (S1), 22,001 (S2) |
Technical Overview
Trend & Structure
The uptrend is strong, and price is above both the 50 and the 100 MA. There is also a wide divergence between the two moving averages, so the bulls are firmly in control. The recent sell-off in early August held above the pivot zone (23,264), and buyers stepped in quickly, producing five green candles out of six. Momentum is now carrying price toward the R1 level at 23,946, which if broken, could open the path toward the R2 target at 24,527.
Important Technical Levels
| Level | Type | Comment |
|---|---|---|
| 25,209 | R3 | Major breakout extension |
| 24,527 | R2 | Next bullish target if R1 breaks |
| 23,946 | R1 | Immediate upside barrier |
| 23,264 | Pivot (P) | Short-term support; bullish above |
| 22,707 | 50MA | Medium-term trend support |
| 22,001 | S2 | Deeper correction target |
Probability Table
| Scenario | Estimated Probability | Commentary |
|---|---|---|
| Push to 24,527 (R2) and possibly 25,209 (R3) | 60% | Momentum strong, uptrend intact, buyers defending dips |
| Sideways consolidation around 23,700–23,300 | 25% | Could happen if R1 acts as strong resistance |
| Breakdown below 23,264 pivot | 15% | Would likely trigger profit-taking toward 22,700 |
Trade Setups
Bullish Breakout Play
- Entry: On close above 23,946 (R1)
- Target 1: 24,527 (R2)
- Target 2: 25,209 (R3)
- Stop: Below 23,500
Countertrend Short (Aggressive)
- Entry: On rejection at R1 with bearish reversal candle
- Target: 23,264 (P)
- Stop: Above 24,000
Final Takeaway
NQ remains in a clean uptrend with bullish momentum, but all eyes are on the 23,946 resistance.
A decisive breakout could accelerate the rally into uncharted territory toward 24,500+ and new all time highs. This will likely cause a rally across all US equities and at the moment there look like there is no stoping the bullish momentum.
