E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Holding 12743.50 Key to Intraday Rally into 12927.00

June E-mini NASDAQ-100 Index futures are edging higher during the pre-market session on Thursday after pressure on technology stocks sent the NASDAQ Composite down 2% during the previous session. The pressure was generated on growth stocks even as bond yields continued to decline from recent highs.

At 09:04 GMT, June E-mini NASDAQ-100 Index futures are trading 12829.25, up 35.25 or +0.28%.

Investors will on Thursday pore over the Labor Department’s latest report on jobless claims. The department is expected to report that 735,000 Americans filed for unemployment relief.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 12681.75 will signal a resumption of the downtrend. The main trend will change to up on a move through 13172.00.

The short-term range is 12200.00 to 13287.25. Its retracement zone at 12743.50 to 12615.25 is support. This zone stopped the selling at 12681.75 on March 19, 2021. The upper or 50% level at 12743.50 provided support earlier today.

The first minor range is 12681.75 to 13172.00. Its 50% level at 12927.00 is the first upside target.

The second minor range is 13287.25 to 12681.75. Its 50% level at 12984.50 is the second upside target.

The main range is 13888.00 to 12200.00. Its retracement zone at 13044.00 to 13243.25 is the primary upside target. This zone has been stopping rallies since March 16.

Daily Swing Chart Technical Forecast

The early price action suggests the direction of the index will be determined by trader reaction to the short-term 50% level at 12743.50.

Bullish Scenario

A sustained move over 12743.75 will indicate the presence of buyers. This could trigger a labored rally with the next upside targets a series of retracement levels at 12927.00, 12984.50 and 13044.00. This is a potential trigger point for an acceleration to the upside with 13243.25 the main target.

Bearish Scenario

A sustained move under 12743.50 will signal the presence of sellers. This could trigger a quick break into the main bottom at 12681.75, followed by the short-term Fibonacci level at 12615.25.

The Fib level at 12615.25 is a potential trigger point for an acceleration to the downside with 12200.00 the next major downside target.

For a look at all of today’s economic events, check out our economic calendar.