E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 13635.25, Weakens Under 13625.00

June E-mini NASDAQ-100 Index futures are trading lower at the mid-session after wiping out earlier gains. After carrying the technology-weighted index higher throughout the morning session, Big Tech heavy-weights Amazon, Apple, Netflix and Alphabet all turned negative for the session.

At 16:56 GMT, June E-mini NASDAQ-100 Index futures are trading 13646.75, down 2.75 or -0.02%. This is down from a high of 13738.75.

Amazon shares came under pressure after an attorney general filed an antitrust lawsuit over the e-commerce giant’s pricing. Tesla, a big holder of Bitcoin, fell 1.5%. Crypto-exchange Coinbase gained 4% with the shares also getting a boost from a JPMorgan buy call.

Daily June E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through the intraday high at 13738.75 will signal a resumption of the uptrend. The main trend will change to down on a move through 12954.25.

The minor trend is also up. The minor trend will change to down on a move through 13356.50. This will shift momentum to the downside.

The short-term range is 14064.00 to 12915.00. Its 13625.00 to 13489.50 is potential support.

The major support is the 13132.00 to 12912.00 retracement zone. This area is controlling the near-term direction of the index.

Daily Swing Chart Technical Forecast

The direction of the June E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to 13635.25.

Bullish Scenario

A sustained move over 13635.25 will indicate the presence of buyers. If this move creates enough late session momentum then look for the rally to possibly extend into the minor top at 13818.00.

Bearish Scenario

A sustained move under 13635.25 will signal the presence of sellers. Crossing to the weak side of the short-term Fibonacci level at 13625.00 will indicate the selling is getting stronger. This could trigger a break into the short-term 50% level at 13489.50.

Look for buyers on the first test of 13489.50. If it fails then look for the selling to possibly extend into the minor bottom at 13356.50. Taking out this level will shift momentum to the downside.

Side Notes

A close under 13635.25 will form a potentially bearish closing price reversal top. If confirmed, this could trigger the start of a 2 to 3 day correction.

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Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.