S&P 500 futures flat after midterm rally; Nasdaq lags on chip weakness

The S&P 500 rose nearly 2% in the last 24 hours, staging a post-midterm rally, but flat futures indicate that momentum has stalled in the short term. The RSI at 58 is far from overbought territory and remains positive above the MACD signal line, suggesting the trend is still supported. The price is above the SMA20 but very close to the SMA50; this zone could see a short-term battle between resistance and support. Chip weakness in the Nasdaq may limit the index's upward momentum. Therefore, in the 1-3 day outlook, I expect a sideways-volatile trading pattern rather than a clear direction.

GOOGL rose 3.9% over the past 24 hours to reach the 289 level and is holding above its SMA20 (284.4), offering a positive short-term foundation. However, the price remains below the SMA50 (295.1), and MACD is in negative territory, having just crossed above its signal line; RSI at 51 is neutral. The news headline points to a sideways overall market and chip-related weakness in the Nasdaq, which could create limited pressure on technology-heavy GOOGL. Weakening momentum following the midterm election rally prevents a clear direction from forming in the 1-3 day outlook. For this reason, a neutral bias with a slight upward risk balance appears more likely in the short term.

NDX has risen 0.97% in the last 24 hours and is trading at 28437, just above the SMA20 (28344), but remains below the SMA50 (28892). The RSI is at 47, in neutral territory, and although the MACD is in negative territory, it is above the signal line, indicating that momentum is showing a weak recovery tendency. The news headline suggests that futures are flat and weakness in chip stocks is holding back the Nasdaq; this may limit the index's ability to gain upward momentum in the short term. Given the risk of profit-taking after the midterm election rally and pressure on the technology-heavy sector, the 1-3 day outlook is uncertain. Therefore, the direction is unclear, with a medium confidence level.

NVDA is approaching the oversold threshold with an RSI of 34 and is trending negatively below its MACD signal line; the price sits below both the SMA20 and SMA50, indicating a weak short-term trend. News headlines point to chip weakness on the Nasdaq, and since NVDA is the sector leader, it may come under relative pressure. However, the flat performance of S&P futures and the low RSI increase the likelihood of limited and choppy weakness rather than a sharp decline. In the 1-3 day outlook, I anticipate a slightly downward but cautious picture; support around $200 is critical.