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Nasdaq Futures Struggle After Yesterday’s Reversal. Caution Still Warranted
Nasdaq futures remain under pressure this morning after a dramatic session yesterday that caught many traders off guard. The market opened Wednesday with strong enthusiasm following Nvidia’s earnings beat, and for several hours the sentiment was decisively positive. By the afternoon, however, that strength reversed sharply. What looked like a clean continuation day suddenly turned into a full fade, and traders who entered late on the bullish side found themselves on the wrong side of a fast pivot.
Today’s session has carried that weakness forward. Nasdaq futures have already taken out last month’s low at 24158.5, dropping as far as 24018 earlier, and the price continues to trade below key intraday reference points such as the developing value area, VWAP, and the session’s point of control. At the time of writing, NQ is trading near 24077, with price rotation occurring mostly inside a broad horizontal band between 24130 and 24070.
While yesterday’s NVDA optimism may tempt some traders and investors to buy the dip, the structure so far suggests caution. The market has not yet shown evidence of sustained buyer commitment. Instead, repeated attempts to stabilize have been met with heavier volume on declines than on rebounds, a pattern that often signals distribution rather than accumulation. In simpler terms, sellers appear more active than buyers within the current range, and the buying that does appear has not yet proven durable.
One important reference level to watch is the round number at 24000. Round figures often act as magnets in markets, especially when price hovers nearby without fully testing them. Since NQ already took out last month’s low and is trading below the core intraday levels that typically support bullish reversals, a test of 24000 would not be surprising. Such a move would flush remaining liquidity at that psychological level and help reveal whether buyers are finally prepared to step in.
This does not rule out the possibility of a rebound later today, but from a decision support perspective, traders should be aware that early bullish attempts have not held and that market structure remains weak. For short-term traders and longer-term investors alike, the message is simple: the market is still leaning bearish until price can reclaim and hold above key intraday levels, particularly the developing value area and VWAP.
investingLive.com will continue monitoring these developments closely. As always, this is not a prediction of certainty but a snapshot of the current balance of forces in the market. When structure improves, it will show up in the data. For now, the evidence argues for patience, discipline, and a healthy respect for the downside risk until the Nasdaq proves otherwise.
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This article was written by Itai Levitan at investinglive.com.