Nasdaq Bulls Retain Control Above 28,280 Support as Elliott Upside Cycle Matures

Nasdaq 100 futures hold a bullish structure above pivotal 28,280 support, bolstered by healthy breadth (61%/59%/57% components above 20-/50-/200-day MAs) and a 0.5% E-mini recovery on May 8 despite US-Iran tensions. After failing to sustain the May 5 upper value zone at 28,097–28,111.50, NQ pulled back with a mild bearish bias (score -2.5/+10), targeting 27,930 on retest failure of 28,080–28,100. Elliott Wave analysis shows a maturing five-wave advance from the March 31, 2026 low at 27,012.79 base, favoring short-term upside before corrective wave 2.