E-mini NASDAQ-100 Index

E-mini NASDAQ-100: Strong Over 14375.50, Weak Under 14101.75

June E-mini NASDAQ-100 Index futures are lower in the pre-market trade on Monday after failing to follow-through to the upside following last week’s stellar gains. During the week-ending March 18, the technology-driven NASDAQ Composite spiked over 8.0%.

The index surged last week after the U.S. Federal Reserve raised its benchmark rate 25-basis points then signaled it expects to raise rates at its remaining six meetings this year. The rate hike was expected, but the number of additional hikes was not. However, investors appreciated the clarity from the central bankers.

At 07:55 GMT, June E-mini NASDAQ-100 Index futures are trading 14346.25, down 67.25 or -0.47%. On Friday, the Invesco QQQ Trust Series 1 ETF (QQQ) settled at $351.42, up $6.98 or +2.03%.

In stock-related news, Nike and Tencent Music report quarterly results on Monday.

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 14442.75 will signal a resumption of the uptrend. A move through 12942.50 will change the main trend to down.

The short-term range is 15261.25 to 12942.50. The index is testing the upper level of its retracement zone at 14101.75 to 14375.50.

The main range is 16700.00 to 12942.50. Its retracement zone at 14821.25 to 15264.75 is the primary upside target.

The new minor range is 12942.50 to 14442.75. Its 50% level or pivot is 13692.50. This level will move up if buyers take out 14442.75.

Daily Swing Chart Technical Forecast

The direction of the June E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to 14375.50.

Bullish Scenario

A sustained move over 14375.50 will indicate the presence of buyers. If this move creates enough upside momentum then look for a surge into the main top at 14665.00, followed by the long-term 50% level at 14821.25. Look for sellers to return on the first test of this level.

Bearish Scenario

A sustained move under 14375.50 will signal the presence of sellers. The first downside target is the short-term 50% level at 14101.75.

Buyers could come in on the first test of 14101.75. If it fails, however, then look for a possible acceleration into the minor pivot at 13692.50.

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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.