E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Megacap Growth Stocks Post Impressive Gains

June E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market close on Tuesday as the tech-heavy index tries to recover from its bear market.

Semiconductor stocks are a few of the best performers. Shares of Advanced Micro Devices jumped more than 8% following an upgrade from Piper Sandler, which said the stock looked attractive after falling 34.5% this year. Nvidia’s stock price rose 5%, Qualcomm jumped 4% and Micron Technology rose nearly 6%.

At 19:55 GM%, June E-mini NASDAQ-100 Index futures are trading 12541.00, up 296.25 or +2.42%. The Invesco QQQ Trust ETF (QQQ) is trading $306.00, up $7.56 or +2.53%.

Other top performers were Microsoft Corp, Apple Inc, and Tesla Inc which gained between 1.5% and 4.8%, providing the biggest boost to the NASDAQ Composite.

In economic news, retail sales numbers came in about as expected. Consumer spending on retail rose 0.9% in April, according to the U.S. Census Bureau. Retail sales excluding autos rose 0.6% in April.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade through 13555.25 will change the main trend to up, while a move through 11689.00 will signal a resumption of the downtrend.

The minor trend turned up when buyers took out the previous minor top at 12553.25. This shifted momentum to the upside.

The minor range is 13555.25 to 11689.00. Its pivot at 12622.25 is the first upside target.

The short-term range is 14298.00 to 11689.00. Its retracement zone at 12993.50 to 13301.50 is the next target.

Daily Swing Chart Technical Forecast

Trader reaction to 12622.25 will likely determine the direction of the June E-mini NASDAQ-100 Index into the close on Tuesday or early Wednesday.

Bullish Scenario

A sustained move over 12622.25 will indicate the buying is getting stronger into the close. This would put the index in a position to open higher on Wednesday and possibly lead to an early test of 12993.50.

Bearish Scenario

A sustained move under 12622.25 will signal the presence of sellers. If this generates some late session pressure then look for an early pullback on Wednesday into the pivot at 12133.50.

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