E-mini NASDAQ-100 Index

NASDAQ-100 Index Plunges to New Low for Year

June E-mini NASDAQ-100 Index futures are trading sharply lower just ahead of the cash market close on Tuesday. The price action reflects concerns about slowing global growth and a more aggressive Federal Reserve. Investors are also nervous ahead of quarterly reports from Alphabet and Microsoft, due to be released after the bell.

At 19:57 GMT, June E-mini NASDAQ-100 Index futures are trading 13028.75, down 507.00 or -3.75%. The Invesco QQQ Trust ETF (QQQ) is trading $317.57, down $12.01 or -3.64%.

Stock-Related News

Alphabet Inc and Microsoft Corp each dropped 2.8% ahead of their results after the closing bell. Apple, Wall Street’s most valuable company, fell 2.5% ahead of its report on Thursday.

Tesla, another technology stock, slumped almost 11%, with investors worried that chief executive Elon Musk might sell some of this stake in the electric car maker to help pay for his $44 billion deal to buy Twitter, announced on Monday.

Other News

Data showed U.S. consumer confidence edge lower in April, though households planned to buy automobiles and many appliances, which should help underpin consumer spending in the second quarter. The report had little impact on the stock market.

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 12942.50 will reaffirm the downtrend. A move through 14298.00 will change the main trend to up.

The minor trend is also down. A trade through 13583.75 will change the minor trend to up and shift momentum to the upside.

Daily Forecast

The late session break through the March 15 main bottom at 12942.50 has put the March 5, 2021 main bottom at 12179.50 on the radar.

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.