FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
20,827,622Confirmed
747,584Deaths
13,723,474Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk

June E-mini NASDAQ-100 Index futures are trading higher and at the high of the session on Tuesday after Politico and The Washington Post reported Treasury Secretary Steven Mnuchin will ask congressional lawmakers for a stimulus package of $850 billion or more to help the U.S. economy grapple with the impact of the coronavirus.

Later in the session, it was reported that Mnuchin said that the Trump administration wants to get emergency funds in Americans’ pockets “immediately”.

At 16:06 GMT, June E-mini NASDAQ-100 Index futures are at 7474.25, up 433.75 or +6.16%.

Traders also said the market was supported by the prospects of more stimulus to soften the economic blow from the coronavirus and more stimulus form the U.S. Federal Reserve.

Daily June E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, the trend has been neutralized by last Friday’s closing price reversal bottom chart pattern.

A trade through 6925.25 will negate the closing price reversal and signal a resumption of the downtrend.

A trade through 7961.00 will confirm the closing price reversal bottom, while a move through 9006.75 will change the main trend to up.

The minor range is 9006.75 to 6925.25. Its retracement zone at 7966.00 to 8211.75 is the first upside target. Since the main trend is down, sellers are likely to come in on a test of this area.

Advertisement

Daily Technical Forecast

Based on the early price action and the current price at 7474.25, the direction of the June E-mini NASDAQ-100 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the first downtrending Gann angle at 7476.50.

Bullish Scenario

A sustained move over 7476.50 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to possibly extend into the next downtrending Gann angle at 7726.75. This is a potential trigger point for an acceleration to the upside with the next target the minor 50% level at 7966.00.

Bearish Scenario

A sustained move under 7476.50 will signal the presence of sellers. This could trigger a retest of the closing price reversal bottom at 6925.25.

Taking out 6925.25 will indicate the selling is getting stronger. This is a potential trigger point for an acceleration to the downside with the December 26, 2018 main bottom at 5847.25 the next likely downside target.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk