Nasdaq futures pushed higher this week making all-time highs of 21908 but failing to tag the customary Fib profit target which sits at 21919 by just 11 points. Do we consider this move done? We pulled back sharply down to 21666.50 during the Friday intraday session thereby giving up 247.5 odd points in an attempt by sellers to cap the run-up ahead of the Fed rate decision due next week. The exuberance in the Broadcom's [Nasdaq Symbol: AVGO], move higher following upbeat earnings and guidance lacked participation of most of the Mag-7 except perhaps Tesla [Symbol: TSLA] which managed to put out an all-time high price print above 436 moving up mostly on technicals. So what do we do heading into the contract roll this Tuesday and into the Fed rate decision?

Chart (NQZ24) 5D-15M

Technically it appears we could drop right back down to the 21610 area ahead of these events early in the week after we ran into intraday Fib resistance just above 21815. This move, as you can see from the inset chart above, has a initial profit target at 21609 area which aligns with the Fib halfback from the Dec 11 measurement which missed the target by 11-odd points as mentioned earlier. Ideally, we appear to be in opposing measured moves and if you are an intraday trader of this trending index, keep an eye on the broad market futures [the ES], which we cover in a separate post on Barchart.