E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Counter-Trend Upside Target is 13722.50 – 13803.00We could be looking a two-sided trade on Wednesday. We’re going to use yesterday’s close at 13536.00 as our pivot.
June E-mini NASDAQ-100 index futures rebounded on Wednesday following a session defined by major weakness in technology stocks. Major tech shares rebounded in early trading. Apple and Tesla gained about 1% each after falling 3.5% and 1.7% respectively on Tuesday.
At 10:48 GMT, June E-mini NASDAQ-100 Index futures are trading 13613.75, up 77.75 or +0.57%.
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Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing chart. The trend turned down on Tuesday when sellers took out the previous swing bottom at 13700.50. The main trend will change to up on a move through 14064.00.
The short-term range is 12609.75 to 14064.00. Its retracement zone at 13336.75 to 13165.25 is the first downside target.
The main range is 12200.00 to 14064.00. Its retracement zone at 13132.00 to 12912.00 is the major downside target area.
The retracement zones combine to form a potential support cluster at 13165.25 to 13132.00. We’re likely to see a technical bounce on the first test of this area.
The minor range is 14064.00 to 13380.75. Its retracement zone at 13722.50 to 13803.00 is the primary upside target. Since the main trend is down, sellers are likely to come in on a test of this zone.
Daily Swing Chart Technical Forecast
The early inside trading range suggests investor indecision and impending volatility. In other words, we could be looking a two-sided trade on Wednesday. We’re going to use yesterday’s close at 13536.00 as our pivot.
A sustained move over 13536 will indicate the presence of buyers. If this move creates enough upside momentum then look for a test of 13722.50 to 13803.00. Since the main trend is down, sellers are likely to come in on a move into this retracement zone. Overcoming 13803.00 will be a sign of strength.
A sustained move under 13536.00 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into yesterday’s low at 13380.75, followed closely by a 50% level at 13336.75.
If 13336.75 fails as support then we could see an acceleration into the price cluster at 13165.25 to 13132.00. Aggressive counter trend buyers could come in on a test of this area.