Weekly Market Outlook: E-mini Nasdaq 100 Futures NQ

NQ1!

It’s a quiet week for US economic news. However, the RBA and RBNZ are scheduled to announce interest rate decisions.

As has been the theme this year, markets remain highly sensitive to headline news and associated risks.

US President Trump signed the One Big Beautiful Bill Act into law at the White House.
Treasury Secretary Bessent is currently giving an interview on CNBC as we write this outlook. Explanation of the near-term impact of Trump’s BBB Act, tariffs, and trade deals will be key to monitor, as this may be fuel for further movement. The US is set to announce more trade deals in the next 48 hours, while trading partners who did not reach a deal will revert to April 2nd tariff levels, with the tariffs to take effect on August 1st.
As many as 100 smaller countries will get a set tariff rate.

How does this all translate into price action and expectations for the market?
NQ and ES are currently trading near all-time highs. RTY has potential upside as it plays catch-up. With the BBB Act signed into law, many of the investment banks anticipate a near-term positive impact on GDP.

In NQ, we are looking at the following scenarios:

Key LIS zone: 22860.50 – 22825.50
Support Zone: 22600 – 22582.25
Key Support Zone: 22000 – 22050


Scenario 1: Hold above key LIS
In this scenario, we expect new ATHs and continuing price discovery higher.

Scenario 2: Hold below key LIS
In this scenario, we expect the price to re-test the support zone at 22600 – 22582.25 and consolidate to build value higher. A break below support may lead to further short opportunities to retest the 22000 level.