Nasdaq futures shift to a bearish bias below 29,300 after failing to sustain gains, signaling potential downside targets.
Nasdaq futures reversed lower after testing resistance near 29,300, triggering a bearish bias in the short term. The failure to hold above this level suggests a potential bull trap, with sellers gaining control below 29,250.
Earlier attempts to reclaim 29,300 as support were unsuccessful, shifting the outlook from a mild bullish repair to a failed breakout. Key downside targets include 29,114, 28,966, and 28,942, while a sustained move above 29,300 is needed to negate the bearish setup.
The tradeCompass bias score stands at -3 out of +10, indicating a bearish but not yet aggressive stance. Rebounds may now be viewed as selling opportunities unless buyers reclaim the 29,300 level.