Based on the early trade, the nearest upside target is a steep uptrending Gann angle at 7188.00. Overtaking this angle will put the index in a position to challenge 7214.50.
June E-mini NASDAQ-100 Index futures are trading higher at the mid-session. This is expected to lead to a higher opening.
The main trend is up according to the daily swing chart. Momentum shifted slightly to the downside on Tuesday with the formation of the closing price reversal top.
A trade through 7214.50 will negate the reversal top and signal a resumption of the uptrend.
A move through 7042.50 will indicate the selling is getting stronger.
The short-term range is 6676.00 to 7214.50. If there is a correction then its retracement zone at 6945.25 to 6881.75 will become the primary downside target.
Based on the early trade, the nearest upside target is a steep uptrending Gann angle at 7188.00. Overtaking this angle will put the index in a position to challenge 7214.50.
On the downside, the nearest support is 6945.25, followed by a pair of uptrending Gann angles at 6932.00 and 6896.50.
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.