Nasdaq Rebounds From Near Daily -2SD, but Weekly Damage Persists - After the Close for July 17, 2026
Nasdaq futures came within 19 points of daily -2SD before rebounding 393.50 points, but NQ still finished below its daily and weekly lower bands while YM and RTY repaired.
Friday delivered the continuation test mapped in the morning Market Pulse, but the closing structure was more instructive than a simple risk-off headline.
Nasdaq futures extended the overnight semiconductor liquidation to 28,408.25, stopping within roughly 19 points of daily -2SD at 28,389.29. Buyers then forced a 393.50-point rebound into the 3:59 p.m. ET delayed bar. The recovery reduced the day's most extreme downside extension, but it did not repair the larger break: NQ finished at 28,801.75, just 5.77 points below daily -1SD at 28,807.52 and still below weekly -1SD at 28,997.07.
The broader index picture was less severe. YM and RTY recovered their daily lower bands, while ES remained below daily -1SD but above its weekly lower band. That combination confirms meaningful broad-market pressure without turning Friday into uniform capitulation.
Crude oil remained the macro constraint. CL traded as high as 82.07 and held above daily +1SD at 81.26, weekly +2SD at 80.25, and monthly +1SD at 78.24. Treasury yields eased and the dollar was little changed, but neither provided enough relief to reverse the technology-specific damage while energy and volatility stayed elevated.
The Closing Read
| Market | Delayed 3:59 p.m. ET Read | What It Confirmed |
|---|---|---|
| NQ | 28,801.75, session low 28,408.25 | Continuation reached the immediate lower target zone, followed by a 393.50-point rebound that stopped just below daily -1SD and remained below weekly -1SD. |
| ES | 7,502.25, session low 7,473.00 | Broad pressure persisted, but ES held above weekly -1SD at 7,461.64 and daily -2SD at 7,445.04. |
| YM | 52,397, session low 52,174 | The Dow recovered daily -1SD at 52,323.76, reinforcing the relative-strength rotation identified before the open. |
| RTY | 2,973.90, session low 2,949.30 | Small caps
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