Since 15 May 2025, the price actions of the Nasdaq 100 CFD Index (a proxy of the Nasdaq 100 E-mini futures) have faced a “stubborn” intermediate resistance at the 21,440.
However, two technical factors are now supporting a potential bullish breakout above 21,440 (finally) as Nvidia’s earnings announcement looms after the closing bell today, 28 May.
Market breadth conditions have improved significantly since 12 May, as the percentage of Nasdaq 100 component stocks trading above their respective key 200-day moving averages has risen to 61% as of Tuesday, 27 May, from 44% printed on 6 May (see Fig 2).
The daily RSI momentum indicator has inched higher steadily and has not reached an extreme overbought level of 78 and above, which suggests the medium-term upside momentum remains intact.
Watch the key 20,340 key medium-term pivotal support (also the 200-day moving average), and a clearance above 21,440 sees the next medium-term resistance coming in at 22,470/22,980.
On the other hand, failure to hold at 20,340 key support for the Nasdaq 100 CFD Index invalidates the bullish scenario to kickstart another corrective decline sequence to expose the next medium-term supports at 19,760 and 19,240 within its major uptrend phase.
