E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Cautious Buying Just Under All-Time High

June E-mini NASDAQ-100 Index futures are trading slightly lower on Monday in a surprisingly lackluster trade. Investors are showing little reaction to this weekend’s violent protests in the United States, retaliation by China or last month’s strong performance.

Perhaps investors are a little nervous with the index so close to its all-time high. Perhaps investors are questioning valuation with the index up over 30% from its March low even though the U.S. economy has fully-opened yet.

At 14:38 GMT, June E-mini NASDAQ-100 Index futures are at 9568.50, up 8.25 or +0.09%.

In other news, NASDAQ Inc said it postponed Monday’s planned reopening of its PHLX options trading floor in Philadelphia, which had been closed because of the coronavirus pandemic, due to the demonstrations over the death of a black man, George Floyd, in police custody.

The most active stocks by dollar volume include Tesla, Apple and Microsoft.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 9604.00 will signal a resumption of the uptrend. The main trend will change to down on a move through the nearest swing bottom at 8847.00.

The minor trend is down. This is controlling the momentum. A trade through 9172.50 will reaffirm the downtrend. Taking out 9604.00 shifts momentum back to up.

The first minor range is 9604.00 to 9172.50. Its 50% level at 9388.25 is support.

The second minor range is 8847.00 to 9604.00. Its 50% level at 9225.50 is another support level.

Daily Swing Chart Technical Forecast

The early price action indicates 9388.25 is controlling the direction of the market today.

Bullish Scenario

A sustained move over 9388.25 will indicate the presence of buyers. If this move creates enough upside momentum then look for a breakout over 9604.00.

Bearish Scenario

A failure to hold 9388.25 will signal the presence of sellers. This could trigger a break into 9225.50, followed by the minor bottom at 9172.50.