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James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading higher shortly before the close on Thursday as traders kept an eye on Washington for clues on a new coronavirus stimulus package. Traders are also reacting to the latest figures on weekly initial claims that came in better than the estimate, but still indicated far too many Americans were out of work. The next key report is Friday’s U.S. Non-Farm Payrolls.

At 18:08 GMT, September E-mini NASDAQ-100 Index futures are at 11213.00, up 117.25 or 1.22%.

In other tech related news, Amazon CEO Jeff Bezos this week sold more than $3.1 billion worth of shares in his company, according to filings with the Securities and Exchange Commission. The sales this week bring his total cash out in 2020 to slightly more than $7.2 billion.

Shares of Facebook stock were up more than 5% on Thursday following the U.S. launch of Reels, a new Instagram feature designed to rival Chinese upstart TikTok

Reels is a short-form video feature that allows Instagram users to create content with overlaid audio and augmented reality effects, much as they already can on TikTok.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed on Thursday when buyers took out the previous day’s high. A trade through 10502.75 changes the main trend to down.

The short-term range is 9728.75 to 11162.00. Its retracement zone at 10445.25 to 10278.25 is the closest major support area.


Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to 11091.75.

Bullish Scenario

A sustained move over 11091.75 will indicate the presence of buyers. If this creates enough upside momentum then look for a new high into the close.

Bearish Scenario

A sustained move under 11091.75 will signal the return of sellers. A close under this level will form a closing price reversal top. If confirmed, this could trigger the start of a 2 to 3 day correction.

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

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