E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – 8728.25 Pivot Controlling Daily Direction

June E-mini NASDAQ-100 Index futures are trading higher on Thursday shortly after the cash market opening. The rally is being supported by rising crude oil prices, while investors digested the latest U.S. jobless claims numbers and earnings data.

Crude oil prices are firming as traders increased bets on U.S. production cuts. U.S. traders also pored through the Labor Department’s latest report on jobless claims. On the earnings front, CSX shares gained more than 3% after the railroad company posted quarterly profits that beat expectations. Shares of Union Pacific also got a boost from stronger-than-forecast earnings.

At 14:00 GMT, June E-mini NASDAQ-100 Index futures are at 8734.25, up 96.25 or 1.11%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 8966.75 will signal a resumption of the uptrend. The main trend will change to down on a move through the last main bottom at 7376.00.

The minor trend is also up. A trade through 8342.00 will change the minor trend to down. This will also shift momentum to the downside.

The main range is 9780.50 to 6628.75. The market is currently trading on the strong side of its retracement zone at 8204.50 to 8576.50, giving the index a solid upside bias. This zone is controlling the longer-term direction of the index.

The minor range is 8966.75 to 8342.00. Its 50% level or pivot at 8728.25 could control the direction of the index today.

Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 8734.25, the direction of the June E-mini NASDAQ-100 Index the rest of the session on Thursday is likely to be determined by trader reaction to the minor pivot at 8728.25.

Bullish Scenario

A sustained move over 8728.25 will indicate the presence of buyers. This could trigger an acceleration to the upside with the next major target coming in at 8966.75.

Bearish Scenario

A sustained move under 8728.25 will signal the presence of sellers. The first downside target is the major Fibonacci level at 8576.50. This is a potential trigger point for an acceleration to the downside with the next target the minor bottom at 8342.00.