The NASDAQ futures market has been experiencing a significant downturn in recent days, with the third consecutive negative candle occurring today. This is a rare occurrence since the steep bull trend began in May, indicating a potential shift in the market’s direction. The first level of support lies just above the 50-day moving average, which could potentially be tested if the selling pressure continues.

As shown in the chart, the NASDAQ futures have been trading in a downward trend for the past three days, with each candle being negative. This is a significant deviation from the upward trend that had been in place since May, which saw the NASDAQ futures reach new highs. The question on investors’ minds is whether this downturn is a temporary correction or the start of a more significant trend reversal.

The 50-day moving average is the first level of support that could be tested if the selling pressure continues. This average has been a reliable indicator of the market’s direction in recent months, and a break below it could signal a more significant shift in the market’s sentiment. However, it is important to note that the NASDAQ futures have been trading in a narrow range for several weeks, which could make it difficult to predict the next move.

The NASDAQ futures’ third consecutive negative candle is a cause for concern among investors. While it is possible that this downturn is a temporary correction, the potential for a more significant trend reversal cannot be ruled out. As always, it is important to stay informed and up-to-date on market developments to make informed investment decisions.