E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 13880.00, Weakens Under 13786.00

June E-mini NASDAQ-100 Index futures rebounded on Wednesday after a two-day slide as investors showed little reaction to Netflix’s weakness after the streaming service reported disappointing results a day earlier.

Shares of Netflix slumped 7.4% after the world’s largest streaming service said slower production of TV shows and movies during the pandemic hurt subscriber growth in the first quarter.

On Wednesday, June E-mini NASDAQ-100 Index settled at 13919.25, up 125.00 or +0.90%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 14059.50 will signal a resumption of the uptrend. The main trend will change to down on a move through the nearest main bottom at 12609.75.

The minor trend is also up. A trade through 13512.50 will change the minor trend to down. This will shift momentum to the downside.

A trade through 13926.50 will make 13700.50 a new minor bottom.

The first minor range is 14059.50 to 13700.50. On Wednesday, the index closed on the strong side of its 50% level or pivot at 13880.00.

The second minor range is 13512.50 to 14059.50. Its 50% level at 13786.00 is new support.

The short-term range is 12609.75 to 14059.50. If the minor trend changes to down then its retracement zone at 1334.50 to 13163.50 will become the primary downside target zone.

Daily Swing Chart Technical Forecast

The direction of the June E-mini NASDAQ-100 Index on Thursday is likely to be determined by trader reaction to the minor pivot at 13880.00.

Bullish Scenario

A sustained move over 13880.00 will indicate the presence of buyers. If this move generates enough upside momentum then look for a potential surge into the main top at 14059.50. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 13880.00 will signal the presence of sellers. This could lead to a labored break with the first downside target 13786.00, followed by 13700.50. The latter is a potential trigger point for an acceleration to the downside with the next target a minor bottom at 13512.50, followed by the short-term 50% level at 13334.50.

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