Nasdaq futures bounce after sharp sell-off
Nasdaq futures are attempting to recover after last Friday’s sharp sell-off. The short-term bounce is underway, but the larger market structure remains damaged.
The main level to watch is 28,850-28,900, with a move above that zone making the recovery more convincing. Nasdaq 100 futures are trying to stabilize ahead of the expected SpaceX IPO.
The market is still trading in the shadow of last Friday’s sell-off, which forced the market into a lower price zone and damaged the short-term trend. Today’s bounce is encouraging, but it has not yet done enough to prove that buyers are back in control.
The directional score is currently close to zero, indicating a trading range and a potentially challenging time for traders.