Thursday's Market Minute: Nasdaq Futures Climb After Nvidia Earnings Beat

Tech bulls are enjoying some upside action in the Nasdaq-100 futures contract this morning, aided by a roughly +6% jump in Nvidia NVDA after the chipmaker reported an earnings beat yesterday afternoon. The /NQ is up about +5% since hitting lows around 14,609 on Aug. 18, and the move up has undone some of the recent technical damage the chart has seen.

The first thing to note about the /NQ chart is this product had been travelling in an upward channel shape for almost all of 2023, culminating with hitting yearly highs of 16,062.75. However, the upward move stalled and price fell below the 21- and 63-day Exponential Moving Averages, and additionally broke through the trendline that had been in play since January. The decline eventually halted near some old highs around 14,600, and price has since resurged. Price now finds itself back above the two moving averages and the trendline once again, as well as the 15,150 level which represents a significant volume spike according to the Volume Profile study.

The /NQ now needs to crack above its old highs from June and mid-July around 15,367 to continue the upside action, with the next level to watch the yearly high close of 15,948.25, so look for potential resistance around these levels. For support, keep an eye on the confluence of the 21-day EMA and the trendline roughly around 15,220. Below that, look to the 63-day EMA near 14,963.