Chart of the week: Nasdaq 100 in focus. Potential reversal on the cards.

• The Nasdaq 100 CFD Index remains structurally bullish, despite a 6.6% pullback, as it holds above its medium-term ascending channel and repeatedly defends its 50-day moving average.
• Technical signals have turned constructive, including a bullish reversal candlestick and an RSI rebound from oversold territory, hinting at a potential short-term bullish reversal.
• Nvidia’s upcoming earnings, given its 14% index weighting, are likely to drive significant short-term volatility and could determine whether the Nasdaq 100 CFD Index retests its all-time high at 26,288.

This is a follow-up analysis and timely update of our prior report, “Chart of the week – Nasdaq 100 hits record high ahead of mega-tech earnings,” published on October 27, 2025.

The US Nasdaq 100 CFD Index (a proxy for the Nasdaq 100 E-mini futures) delivered the anticipated advance, breaking above the first medium-term resistance zone at 25,940/26,060 highlighted in our previous report.

It went on to set a new all-time high of 26,288 on October 30, 2025, before entering a volatile two-week pullback, sliding 6.6% (high to low) to an intraday trough of 24,551 on Friday, 14 November, amid renewed fears of an emerging Artificial Intelligence (AI) bubble in US equities.

Notably, Nvidia, the index’s largest constituent with a 14% weighting, is set to report its third-quarter earnings on Wednesday, 19 November, after the US close. The stock’s post-earnings reaction is poised to exert substantial short-term influence over the Nasdaq 100.

Let’s now review the latest technical elements on the US Nasdaq 100 CFD Index.

Firstly, the medium-term uptrend phase of the US Nasdaq 100 CFD Index remains intact, as its price action continues to oscillate above the lower boundary of a medium-term ascending channel that has been in place since the August 1, 2025, low.

Secondly, the recent choppy corrective decline sequence has stalled around its 50-day moving average on two occasions: 7 November 2025 and 14 November 2025, indicating a lack of follow-through in bearish momentum.

Thirdly, it formed a 4-hour bullish reversal candlestick pattern last Friday, November 14, after a challenge on the 50-day moving average, coupled with an exit of the 4-hour RSI momentum indicator from its oversold region.

These developments indicate that the US Nasdaq 100 CFD Index may be in the early stages of forming a potential bullish reversal.

Watch the 24,635 key medium pivotal support, and a clearance above 25,745 may see a retest of the current all-time high of 26,288 before the next medium-term resistance comes in at 26,480/26,545 (also a Fibonacci extension cluster).

However, failure to hold at 24,635 key support invalidates the bullish reversal scenario, exposing the next medium-term supports at 24,000 and 23,455.