Thursday's Market Minute: /NQ Crumbles At The Close

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Nasdaq futures abruptly snapped a three-day winning streak right after yesterday’s cash close, plummeting about -1.7% in only ten minutes after disappointing earnings from Facebook’s parent company Meta Platforms FB. However, the /NQ also saw a blistering +9.7% move in only seven trading days and also was moving into several major technical resistance points. Bulls had to contend with the 200-Day Simple Moving Average, the 21-Day Exponential Moving Average, the -1 Standard Deviation Channel, and the yearly Volume Profile Point of Control all between about 14950 to 15165.

To the downside, watch the 252-EMA near 14580 for support as it is one of the last major moving averages still below price. Beyond that, the -2 Standard Deviation Channel could also serve as support near 14078. To the upside, the previously mentioned resistance points still stand, particularly the 21-EMA and the 200-SMA which are practically on top of each other near 15018.

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