E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Room to Run on Sustained Move Over 6867.75

The June E-mini NASDAQ-100 Index futures contract came roaring back last week after a sharp sell-off but still closed lower for the week.

Weekly Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, but momentum is trending lower. The market is trying to establish a secondary higher bottom at 6306.75, but needs to take out 6867.00 to reestablish the upside momentum.

A move through 6867.00 will indicate the return of buyers.

A trade though 6306.75 will indicate the selling pressure is increasing.

The major support is the retracement zone at 6283.75 to 6064.00. This zone stopped the selling in February at 6192.50.

The main range is 7214.50 to 6306.75. Its retracement zone at 6760.75 to 6867.75 is resistance. This zone stopped the rally at 6867.00 two weeks ago.

The short-term range is 6306.75 to 6867.00. Its 50% level or pivot is 6587.00. The index straddled this zone last week before running into resistance at a 50% level at 6760.75.

Weekly Swing Chart Technical Forecast

Based on last week’s price action, the direction of the June E-mini NASDAQ-100 Index this week is likely to be determined by trader reaction to 6760.75 and 6586.75.

A sustained move over 6760.75 will indicate the buying is getting stronger. This could trigger a move into 6867.00 to 6867.75. Overtaking this area could trigger an acceleration to the upside with .7214.50 the next major target.

A sustained move under 6586.75 will indicate the selling pressure is getting stronger. The weekly chart indicates there is room to the downside with initial targets coming in at 6429.25 and 6306.75.

The trend will change to down under 6306.75, but this is followed quickly by the major support zone at 6283.75 to 6064.00.