NQLooking at the Nasdaq future

NQLooking at the Nasdaq futures chart, the 28,408 to 29,000 area has been a pretty solid support zone since May, outside of that brief capitulation in July. Last week's hard selloff held right at 29,000, and the more recent selloff tried to bounce from there until a sudden spike in oil pushed it down to 28,823. As oil retraces, NQ is crawling back up.

Since early October, NQ has been making lower highs and lower lows, with every rally attempt rejected at the upper boundary of that downtrending channel, including the most recent one. NQ still needs to break through the stubborn resistance at 30,178 to make a new all-time high.

Most likely this selloff has capitulated, and the market should rebound somewhat going forward, but if it does fall more, the 28,408 level looks like the next support area to watch.

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