Nasdaq futures showed resilience through the trading day, a positive start in Asia, facing bearish pressure in Europe, and rallying late in New York. Despite tariff tensions and inflation concerns, the market-maintained strength, closing near session highs with key levels like 22,300 POC in focus ahead of next week’s FOMC minutes.
Asian Session: Nasdaq Futures Positive Before Settling into Consolidation
Nasdaq futures opened the Asian session with bullish momentum, extending gains from yesterday’s strong close and pushing above Thursday’s settlement level. However, the initial rally quickly lost steam, leading to consolidation for the remainder of the session as traders awaited fresh catalysts.
European Session: New Highs Before Bearish Pressure
As Europe opened, there was a slight increase in activity, with Nasdaq futures printing a new overnight high at 22,163. From this peak, bearish sentiment took over, driving prices back below Thursday’s settlement and towards Thursday’s value area high (VAH). Buyers, however, remained active, stepping in just before this key level was tested, sparking a rally from 22,042 that reclaimed Thursday’s settlement price heading into the New York session.
New York Session: Nasdaq Futures Struggle Before Late Breakout Above Key Levels
The New York session presented challenges for Nasdaq futures. Despite a positive open, prices struggled to break through the overnight high, retreating toward Thursday’s settlement and remaining range-bound for most of the session. However, late session buying pressure propelled futures above the overnight high. A bearish attempt to retest this level resulted in a failed break back into the New York initial balance, sparking a rebound to a new intraday high of 22,225.
Market Resilience Despite Tariff and Inflation Pressures
The market demonstrated resilience despite escalating tariff tensions and mounting inflation concerns, as rising prices across key sectors added to economic uncertainty. Mixed U.S. economic data, including a slight rise in unemployment claims and an inflation figure miss, did little to deter buyers, who maintained their bullish stance.
Key Levels to Watch and FOMC Minutes Impact
Looking ahead to next week, the focus shifts to the potential for new all-time highs. A naked point of control at 22,300 serves as a key target, though a short-term pullback may be necessary to attract additional buyers before any further push higher. With the release of the FOMC minutes scheduled for next week, heightened volatility is likely. Despite ongoing tariff developments and economic uncertainties, the market remains resilient, with buyers firmly in control. Whether this bullish momentum persists into next week remains to be seen.
