NASDAQ (NQ) Market Outlook

The daily chart still reflects an overall bearish structure. However, price continues to hold above the 0.382 Fibonacci retracement measured from the swing high to the most recent low, which is keeping the short-term outlook constructive.

On the lower timeframes (4-hour, 1-hour, and intraday), momentum appears increasingly overbought. If price can break approximately 100 points higher from current levels, the next upside targets are the 28,000 psychological level, followed by 28,200, which aligns with another key Fibonacci retracement drawn from the recent low to the recent high.

That said, I expect the market to encounter a significant bearish reaction zone soon. Once that resistance is tested, I anticipate a pullback before buyers potentially regain control.

If that pullback develops as expected, I believe the market could resume its bullish move and retest at least a double top, with the possibility of breaking above today’s high if momentum returns.

Summary:

* Daily trend: Bearish overall.
* Short-term: Bullish while holding above the 0.382 Fibonacci retracement.
* Near-term target: 28,000–28,200.
* Expectation: Bearish resistance likely ahead, followed by a pullback.
* Longer-term outlook: After the pullback, a move back toward a double top or potentially new highs remains possible.