E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – In Position to Post New All-Time High

The technology-based June E-mini NASDAQ-100 Index futures contract is edging higher early Tuesday, helped by marginal gains in the Asia/Pacific stock markets. Volume on Monday was the lowest so far in 2019 as investors awaited the release of quarterly earnings reports from some of the biggest S&P 500 companies, including Amazon.com, Inc. and Facebook, Inc., also two members of the NASDAQ Composite.

At 05:12 GMT, June E-mini NASDAQ-100 Index futures are trading 7742.25, up 7.50 or +0.10%.

 

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7746.75 will signal a resumption of the uptrend. This should create enough upside momentum to challenge the October 3, 2018 and all-time high at 7767.00.

The minor trend is also up. A trade through 7660.25 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 7598.75 to 7746.75. Its 50% level or pivot at 7672.75 is acting like support.

The intermediate range is 7276.00 to 7746.75. Its retracement zone at 7511.25 to 7455.75 is also support.

Daily Swing Chart Technical Forecast

The direction of the June E-mini NASDAQ-100 Index on Tuesday is likely to be determined by trader reaction to yesterday’s close at 7734.75.

Bullish Scenario

A sustained move over 7734.75 will indicate the presence of buyers. This could trigger a rally into yesterday’s high at 7746.75. Taking out this level will likely lead to a test of 7767.00. A move through this level will indicate the buying is getting stronger. There is no resistance over this level so we could see an acceleration to the upside.

Bearish Scenario

A sustained move under 7734.75 will signal the presence of sellers. The first downside target is the pivot at 7672.75. This is followed by the minor bottom at 7660.25.

If 7660.25 fails then look for momentum to shift to the downside. This could trigger an extension of the selling into minor bottoms at 7598.75 and 7575.75, followed by the intermediate 50% level at 7511.25.

Closing Price Reversal Top Scenario

Taking out 7746.75 then turning lower for the session will put the index in a position to form a potentially bearish closing price reversal top. This could lead to a 2 to 3 day correction.