Introduction
Nasdaq futures have bounced out of the 29,000 support zone after testing the support zone (light blue zone). On the 3 September session price is 29,286. The first real resistance overhead is the 200-day moving average at 29,368, and above that we still have to deal with Friday’s high at 29,811. If the bulls can clear that, the next target is 30,360.
Friday’s US non-farm payrolls report is the main event. Tomorrow is going to be very volatile, and we can get some of that into the close today as well. Until that print, 29,000 / 29,368 / 29,811 are the levels we are watching.
Nasdaq Futures Trend Analysis
The 29,000 area has acted as support, and NQ has bounced out of it. On the daily chart that bounce is coming in as a possible morning star, a large down day, a small candle on the support, then a green follow-through, which is a bullish sign if it holds.
We’re probably going to see some resistance at 29,368, because that’s the 200-day moving average. What we need to see in the next couple of days is for price to clear above 29,811, which was Friday’s high. If bulls can clear above that, the next target is 30,360.
If the bulls can’t hold 29,000, that morning-star bounce is done. We’re not stretching for a lower target ahead of the data.
Key Levels
| Level | Notes |
|---|---|
| 30,360 | Next target if NQ clears Friday’s high. |
| 29,811 | Friday’s high. Bulls need to get through this. |
| 29,368 | 200-day MA. First resistance on the bounce. |
| 29,286 | 3 September session price. |
| 29,000 | Support zone. Morning-star bounce is off this area. |
Possible Trades
Scenario 1: Bullish continuation
- Entry trigger: daily close above 29,811
- Stop: below 29,368
- Target: 30,360
Scenario 2: Breakdown
- Entry trigger: daily close below 29,000
- Stop: above 29,368
- Target: morning-star bounce cancelled (no lower print in this packet)
Scenario 3: Range / do not chase
If NQ holds between 29,000 and the 200-day at 29,368, we stay out of the middle. Chasing it through 29,368 into today’s data and Friday’s NFP is a risky trade that doesn’t have much upside vs the risk. Let the close choose 29,811 or 29,000.
This analysis is for educational and informational purposes only and does not constitute trading advice or a recommendation to buy or sell any futures contracts. Futures trading involves significant risk and may not be suitable for all investors. Always conduct your own research and consult with a licensed financial professional before making trading decisions.
