E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Weakens Under 13722.25, Strengthens Over 13803.00

June E-mini NASDAQ-100 Index futures are inching higher shortly after the start of the overnight session Sunday evening as investors continue to assess the impact of Friday’s weaker than expected U.S. Non-Farm Payrolls report. The news drove Treasury yields lower as traders bet on a delay in a change in policy by the Fed. Stocks rose because the news likely bought a few months of lower interest rates which tends to boost demand for higher-yielding stocks.

At 0:02 GMT, June E-mini NASDAQ-100 Index futures are trading 13735.00, up 25.25 or +0.18%.

Daily June E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 14064.00 will change the main trend to up. Taking out 13380.75 will signal a resumption of the downtrend.

The minor range is 14064.00 to 13380.75. The market is currently testing its retracement zone at 13722.25 to 13803.00. Since the main trend is down, sellers are likely to come in on a test of this area. They are going to try to form a potentially bearish secondary lower top. Taking out 13803.00 will indicate the buying is getting stronger. This will make 13380.75 a secondary higher bottom.

The short-term range is 12609.75 to 14064.00. Its retracement zone at 13336.75 to 13165.25 is a potential support area.

The intermediate range is 12200.00 to 14064.00. Its retracement zone at 13132.00 to 12912.00 is potential support.

The two retracement zones form a support cluster at 13165.25 to 13132.00. Buyers could come in on the first test of this zone.

Daily Swing Chart Technical Forecast

The early direction of the June E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to 13722.25.

Bullish Scenario

A sustained move over 13722.50 will indicate the presence of buyers. The first upside target is 13803.00, followed closely by Friday’s high at 13818.00.

Taking out 13818.00 with strong buying volume could trigger an acceleration to the upside with 14064.00 the next major upside target.

Bearish Scenario

A sustained move under 13722.25 will signal the presence of sellers. This could trigger a break into a minor pivot at 13599.25. If this level fails as support then look for the selling to possibly extend into 13380.75, followed by 13336.75.

For a look at all of today’s economic events, check out our economic calendar.

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.