- NQ futures have fallen sharply and are now at the 19K support.
- If it bounces from 19K, we can expect a new test of the 23K resistance.
- If not, then it may go further down with failure to hold the 19k support.
NQ futures chart drop sharply then now their testing of key support levels for which next move can be made. It stands near the critical support level of 19,000 now as per the chart analysis shared by trader XO (@Trader_XO) which clearly indicates that below existing resistance around 23000 is being tested. The downward movement now has positioned NQ futures near the critical support level of 19000.
This price zone as shown in the chart coincided with a very relevant area where this currency may reverse hence, an interesting setup for market participants looking to bounce. If price stays at this support area, we have an retest of previous highs around this 23000 count in some months to come.
Support at 19,000 Gives Way to Reversal Opportunity
This current decline in prices caused by the NQ futures brings prices closer to a well-known important support level, currently at around 19,000. As may also be observed from the chart, that level tends to be used as a springboard for price movement either up or down, depending on what happens with the emergence of buying pressure. Previous closures at this lower range seem historically as an accumulation point, and traders are expected to be looking for signs of reversal in that space. The market will now be cautious just as it approaches that important support, whereas not being able to hold it will likely open space for further declines.
Therefore, the price as it is currently edging side on the lower support zone will face immediate obstacles on any recovery at about 23,000. This chart, with the red line at the top, has been the upper boundary for price movement all the way back to the start of 2025. Therefore, a powerful push above this mark could indicate a potential turnaround in market mood, with former resistance now turned support. Any attempts at breakthroughs above, however, are likely to continue in the bearish trend, as pressure would simply lead to renewed selling.
Market Sentiment and Moving Towards NQ Futures
As the NQ futures now approach the 19,000 support zone, there is a divide among traders and analysts about whether the market will find strength enough to turn back against trend or simply continue moving downward. For the time being, price action has incited quite a bit of speculation as traders look to the coming weeks for confirmation of either strength or failure in this area. If price fails to hold here, the next logical target would be even lower, potentially testing fresh new lows. The market, however, should rebound to move steadily against the next resistance, at 23,000, into a possible point.
