The Nasdaq futures market saw sharp price swings throughout the trading day but ultimately remained trapped within a well-defined range, as bulls and bears fought for dominance throughout the day.
Asian Session: Bullish Start, Consolidation at Highs
The Asian session opened with strong bullish momentum, pushing prices towards yesterday’s high of 21,679. However, buying interest weakened upon reaching this level, leading to consolidation as traders awaited fresh catalysts ahead of the European session.
European Session: Strength Followed by Sharp Rejection
The bullish move extended into the European session, with Nasdaq futures reaching an intraday peak of 21,715.50. However, buyers struggled to maintain the upside, and price gradually drifted lower. As London opened, sellers briefly gained control, driving the market to an intraday low of 21,574. Yet, downside momentum quickly faded, allowing price to recover towards 21,680 before the U.S. open, reinforcing the session’s overall range-bound structure.
U.S. Session: Volatility and Range-Bound Trading
The U.S. session brought heightened volatility. Nasdaq futures briefly broke above the overnight high at 21,715, reaching 21,748, but failed to attract sustained buying. The breakout attempt swiftly reversed, triggering a sharp rejection and sell-off.
The decline extended through yesterday’s New York session value area, eventually finding support just below the monthly VWAP at 21,419, an area that has provided stability since Tuesday. Buyers stepped in aggressively, sparking a sharp rebound back towards 21,715. However, the rally quickly lost steam, leading to a more controlled pullback as the session progressed, keeping price action confined within the broader range.
Outlook: Key Levels to Watch
With Nasdaq futures still locked in a tight range between 21,400 and 21,700, traders will be watching for a decisive breakout. If buyers continue to defend the monthly VWAP, another push towards 21,748 remains possible. However, failure to hold that key support could open the door for further downside.
