Nasdaq futures reclaimed the 29,000 level and traded near 29,057 on August 4, prompting a bullish recalibration toward 29,283 and eventually 29,500. The move followed Palantir's 93% revenue surge and raised full-year guidance, while a preferred support cluster at 28,945-28,965 now anchors the bullish case.
Bulls regain control above 29,000
Nasdaq futures recovered above the 29,000 level and were trading near 29,057 on August 4, according to an investingLive tradeCompass analysis. The setup carries a +4 out of +10 bullish prediction score, reflecting a moderate advantage for buyers rather than a strong or low-risk setup.
A deeper pullback had been expected over the weekend, but buyers recovered from the August 3 decline and pushed futures back above the prior session's upper value boundary before establishing a higher trading range. That shift gives bulls the short-term advantage, though it does not guarantee a straight-line advance.
Palantir earnings fuel the tech rally
Palantir's 93% revenue surge and raised full-year guidance drove the bounce, spurred by demand for sovereign AI infrastructure. Palantir shares were up more than 15% following the report. Traders were also weighing technical levels across mega-cap tech leaders including Meta and Nvidia as the broader momentum lifted the index.
Key support and bullish targets
The preferred long zone sits at 28,945-28,965, where the developing VWAP, the previous session's value area high and the developing point of control converge. A deeper secondary zone at 28,890-28,915 could offer a second entry if the first area is briefly swept.
If support holds, the bullish targets are 29,283, then 29,347 and 29,470, each placed just ahead of visible resistance to improve the odds of execution. A rally into 29,490-29,510 could become a speculative short zone, but only after clear rejection.
What would flip the outlook bearish
The bullish map weakens if Nasdaq futures lose 28,875 and begin accepting trade below it, which would place price beneath the developing value area low. In that scenario, the downside targets become 28,820, 28,722 and 28,606. Swing traders would then watch the higher-timeframe support levels at 28,800 and 28,700 for a broader recovery test.
Source: investingLive
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