Why did Nasdaq 100 futures turn negative YTD today?

Renewed Trump tariff threats triggered long liquidation and stops through key trendlines and the 50-day moving average. With volatility jumping to a two-month high, thin liquidity exaggerated moves. The combination flipped year-to-date performance negative intraday before buyers could stabilize price around prior support zones.

What key levels should traders watch now?

Focus on the 50-day moving average near 25,300 and the shelf around 25,400 for early confirmation. Overhead, resistance sits near 25,947 to 26,074, with 26,182 the recent high. On weakness, watch 24,840 to 24,836 where lower volatility bands converge and dip buyers may attempt defense.

How does this affect Australian investors?

Nasdaq 100 futures set the tone for ASX growth and tech names and influence flows into NDQ-style ETFs. A stronger AUD can trim USD returns. Use smaller positions, clear stop-losses, and consider currency hedging. Wait for level reclaims on solid volume before adding risk to US tech exposures from Australia.

Is volatility likely to stay elevated this week?

It can stay elevated while tariff headlines linger and key resistance holds. If the index closes back above the Bollinger mid-band near 25,393 and the 50-day area, realized volatility may cool. Without that, wider ranges and quick fades are likely, favoring nimble, risk-defined trades over passive adds.

Global Market Insights

^NDX Today: January 22 Futures Turn Negative YTD on Long Liquidation

ByDanny Kontos January 22, 2026January 22, 2026

Nasdaq 100 futures turned negative year to date on 22 January as long liquidation followed renewed Trump tariff threats. The move cut through key trendlines and the 50-day moving average, while volatility jumped to a two-month high. For Australians, the shift matters because the Nasdaq 100 (^NDX) steers risk appetite for ASX tech and growth names. We outline the drivers, the levels that matter, and how to manage positions around these swings without taking on outsized risk.