E-mini NASDAQ-100 Changed Trend, Momentum to Up

June E-mini NASDAQ-100 Index futures are soaring into the close on Wednesday after the cash market Composite put in a stellar performance. Although there was some choppiness after the U.S. Federal Reserve announced a rate increase and several more to follow, the market seemed to absorb the news well.

At 20:34 GMT, June E-mini NASDAQ-100 Index futures are trading 13996.25, up 546.75 or +4.07%. The Invesco QQQ Trust Series 1 ETF (QQQ) settled at $340.39, up $12.24 or +3.73%.

The U.S. central bank brought its pandemic-era easy monetary policy to an end Wednesday afternoon after it announced a quarter-percentage-point increase in its benchmark overnight rate as was widely expected. However, it was the projection that its rate would hit between 1.75% and 2% by year’s end that appeared to rattle investors.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 13858.00 change the main trend to up earlier in the session. A trade through 12942.50 will change the main trend to down.

The nearest support is a minor pivot at 13803.75.

On the upside, short-term resistance could come in on a test of the retracement zone at 14102.00 to 14375.50. This is followed by the main retracement zone at 14857.75 to 15292.50.

Inside the two retracement zones are main tops at 14389.00 and 14665.00.

Daily Swing Chart Technical Forecast

The change in trend to up and the close near the high of the session indicates we’re likely to see a higher opening on Thursday and a follow-through to the upside.

Sellers could attempt to stop the rally on a test of 14102.00 to 14375.50, but a breakout over 14389.00 could trigger an acceleration to the upside with the next major target coming in at 14857.75 to 15292.50.