Nasdaq futures and the Invesco QQQ Trust ETF have shown notable activity and upward momentum in early May 2025. Nasdaq futures ($NQ_F) experienced multiple retracement levels, with key volume pivots identified at 108 and resistance near 959. Traders have been covering shorts and adding to positions on bouncebacks, with some profit-taking observed. The Nasdaq futures reached a level of 20,000, corresponding with a strike price of 484 on QQQ options, where high volume trading occurred. The QQQ ETF has risen about 20% since the April bottom and recently made new highs well above the volume-weighted average price (VWAP). Technical analysis suggests a bullish setup with QQQ pushing off the 8-day exponential moving average (EMA) and targeting the 200-day simple moving average (SMA) and potentially the 175-day SMA. Market participants noted that U.S. index futures, including Nasdaq futures, were up solidly by around 0.75% as of early May 7. Overall, the Nasdaq and QQQ remain in a strong technical position with active options trading and volume pivots influencing price movements.