E-Mini NASD-100 Struggling Inside 14821.25 – 15264.75

June E-mini NASDAQ-100 Index futures are inching lower early Thursday as investors prepare to wrap up a volatile month and quarter that could end with either a bang or a whimper based on its recent activity.

CNBC is reporting that some tech stocks were under pressure in the pre-market session amid analysts concerns over the PC market going forward. AMD shares slipped more than 1% in the premarket after analysts at Barclays downgraded the stock to equal weight from overweight.

Meanwhile, the HP Inc and Dell dipped 3.8% and 2% respectively after being downgraded to equal weight from overweight at Morgan Stanley.

At 11:44 GMT, June E-mini NASDAQ-100 Index futures are trading 15099.50, up 28.00 or +0.19%. On Wednesday, the Invesco QQQ Trust Series 1 ETF (QQQ) settled at $367.20, down $3.99 or -1.07%.

In the cash market, the NASDAQ Composite is on pace to finish the month up about 5%. For the quarter, the tech-driven index is off more than 7%.

Later today, investors will get the opportunity to react to the latest data on weekly jobless claims, personal income and personal spending.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15268.75 will signal a resumption of the uptrend. A move through 12942.50 will change the main trend to down.

The minor trend is also up. A trade through 14433.50 will change the main trend to down. This will also shift momentum to the downside.

The main range is 16700.00 to 12942.50. The index is currently trading inside its retracement zone at 14821.25 to 15264.75. This zone is controlling the near-term direction of the index.

The short-term range is 12942.50 to 15268.75. If the minor trend changes to down then its retracement zone at 14105.50 to 13831.00 will become the primary downside target.

Daily Swing Chart Technical Forecast

The direction of the June E-mini NASDAQ-100 Index on Thursday is likely to be determined by trader reaction to 15264.75.

Bullish Scenario

A sustained move over 15264.75 will indicate the presence of buyers. Taking out this week’s high at 15268.75 will indicate if the buying is getting stronger. This could trigger the start of an acceleration into the January 12 main top at 16007.50.

Bearish Scenario

A sustained move under 15264.50 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the main 50% level at 14821.25.

Taking out 14821.25 will indicate the selling pressure is getting stronger with the minor bottom at 14433.50 the next likely target.