Technical Analysis

NASDAQ 100 Futures technical analysis: FOMC meeting, earnings , and unemployment report

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NASDAQ 100 futures technical analysis before the FOMC meeting today

ForexLive.com, January 31, 2024

NQ technical analysis video

The NASDAQ 100 futures market has been in a trading range and just crossed down its value area low at 17500, which I also mentioned is an important price level to watch in my previous video, and if we CLOSE 2 CONSECUTIVE days below it, then bears regain control. This has not happened yet. The market may decline till an area of a potential double support level formed by a trend line and the bottom standard deviation of the value area. WATCH 17025 TO 17250 for a possibly reversal up.

FOMC Meeting

The Federal Open Market Committee (FOMC) is meeting today to discuss interest rates.While a ‘snoozer; is expected, meaning that it may not change anything in the market yet, this type of an event is always a wildcard simply due to a word or two that may come in play with Jerome Powell.

Earnings Results influencing NQ till end of this week

Earnings results have been a major factor in the recent selloff in the NASDAQ 100 futures market. Google and AMD both reported disappointing earnings this week, and their stocks have fallen. Other tech stocks are also under pressure, as investors worry about the impact of rising interest rates on corporate profits.

  1. AMD is declining apx 7%, GOOG is declining apx 5.5%
  2. MSFT is declining apx 1.5% but may surprise a bit a turn greenish till the end of the week
  3. We stll have major earnings reports by META, APPL and AMZN, till the end of the week

Unemployment Report on Friday, 02 Feb 2024

The Bureau of Labor Statistics will release the January unemployment report on Friday. The market is expecting the unemployment rate to remain at 3.9%. However, a weaker-than-expected report could trigger a selloff in the stock market.

The NASDAQ 100 futures market is facing a number of headwinds, including disappointing earnings results, rising interest rates, and the FOMC meeting. However, I am staying contrarian and still believe that there is a good chance for the market to reach my target of 18,000. Traders should stay adaptive to the market and be prepared to adjust their trading strategies accordingly. ALWAYS TRADE AT YOUR OWN RISK.

Additional Resources

This article was written by Itai Levitan at www.forexlive.com. Source