James Hyerczyk
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E-mini NASDAQ-100 Index

June E-mini NASDAQ-100 Index futures are getting pounded late in the session, putting the technology-based index in a position to post a potentially bearish closing price reversal top. The plunge in tech stocks is offsetting the first batch of corporate earnings from banks that largely exceeded expectations.

Tesla, a NASDAQ component, fell more than 3%. Big Tech stocks including Amazon, Facebook, Netflix and Apple all traded at least 1% lower.

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At 19:50 GMT, June E-mini NASDAQ-100 Index futures are trading 13801.25, down 174.50 or -1.25%.

Daily June E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, late in the session, the index is trading lower which could be a sign that momentum is getting ready to shift to the downside.

A trade through 14029 will signal a resumption of the uptrend. A trade through 12609.75 will change the main trend to down.

The minor trend is also up. A move through 13512.50 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 13512.50 to 14029.00. Its 50% level at 13770.75 is currently being tested.

The short-term range is 12609.75 to 14029.00. Its retracement zone at 13319.25 to 13152.00 is the primary downside target and support area.


Daily Swing Chart Technical Forecast

The direction of the June E-mini NASDAQ-100 Index into the close will be determined by trader reaction to 13975.75.

Bullish Scenario

A sustained move over 13975.75 will indicate the presence of buyers. If this creates enough upside momentum then look for the late rally to possibly extend into 14029.00.

Bearish Scenario

A sustained move under 13975.75 will signal the presence of sellers. The first target is the minor pivot at 13770.75. This price is a potential trigger point for an acceleration to the downside with the first target coming in at 13512.50.

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

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