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James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

June E-mini NASDAQ-100 Index futures are trading higher at the mid-session. This is expected to lead to a higher opening.

Daily Swing Chart Technical Analysis

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.

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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.

Daily June E-mini NASDAQ-100 Index

Daily Swing Chart Technical Forecast

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.

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