E-mini NASDAQ-100 (NQ) index futures technical analysis – strengthens above 13,635.25, weakens below 13,625.00

The June E-mini NASDAQ-100 index futures are trading lower mid-session after erasing previous gains. After carrying the tech-weighted index higher throughout the morning session, Big Tech heavyweights Amazon, Apple, Netflix and Alphabet all turned negative for the session.

As of 4:56 p.m. GMT, June’s E-mini NASDAQ-100 index futures are trading at 13,646.75, down 2.75 or -0.02%. That’s down from a high of 13,738.75.

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

June E-mini NASDAQ-100 Daily Index

Technical analysis of the daily swing chart

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 go downward when moving to 12954.25.

The minor trend is also up. The minor trend will change to the downside when moving to 13356.50. This will change the momentum to the downside.

The short-term range is from 14,064.00 to 12,915.00. His 13625.00 to 13489.50 is potential support.

The main support is the 13132.00 retracement area at 12912.00. This area controls the short-term direction of the index.

Daily Swing Chart Technical Forecasts

The direction of the June E-mini NASDAQ-100 Index towards the close will likely be determined by the trader’s reaction at 13,635.25.

Bullish scenario

A sustained move above 13635.25 will indicate the presence of buyers. If this move creates enough momentum late in the session, look for the rally to possibly expand into the minor high at 13,818.00.

Bearish scenario

A sustained move below 13635.25 will signal the presence of sellers. Crossing the weak side of the short term Fibonacci level at 13,625.00 will indicate that the sell is strengthening. This could trigger a break out of the short term 50% level at 13489.50.

Look for buyers on the first test of 13489.50. If that fails, look for the sell to possibly expand into the minor low at 13,356.50. Removing this level will shift momentum downward.

Notes to the appendix

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


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