James Hyerczyk
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E-mini NASDAQ-100 Index

June E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market close on Friday after President Trump’s China actions kept the trade deal intact.

During his news conference late in the session, Trump said he would take action to eliminate special treatment towards Hong Kong, however, he did not indicate the U.S. would pull out of the phase one trade agreement reached with China earlier this year. The news greenlit the late session rally as it eased trader concerns for the time being.

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Technology sector investors celebrated the news by buying up semiconductor stocks. The iShares PHLX Semiconductor ETF (SOXX) jumped to its session high following the news conference, trading more than 2% higher.

Nvidia and Micron Technology shares advanced more than 2% each. However, among the biggest gainers in the ETF were Marvell Technologies and Lam Research, rising 6.7% and 2.9%, respectively.

At 19:46 GMT, June E-mini NASDAQ-100 Index futures are at 9537.00, up 76.75 or +0.81%.

Daily June E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through 9604.00 will signal a resumption of the uptrend. The main trend will change to down on a move through the last main bottom at 8847.00.

The minor trend is down. This is controlling the short-term momentum. A trade through 9604.00 will change momentum to the upside, while a trade through 9172.50 will reaffirm the downtrend.

The first minor range is 9604.00 to 9172.50. Its 50% level at 9388.25 is support.

The second minor range is 8847.00 to 9604.00. Its 50% level at 9225.50 is additional support.

The short-term range is 8556.25 to 9604.00. Its retracement zone at 9080.00 to 8956.50 is a support zone.


Daily Swing Chart Technical Forecast

Into the close on Friday the key level that must hold is the first minor pivot at 9388.25.

A close near 9604.00 will put the index in a position to continue the rally early next week. If there is enough buying behind the move then look for the rally to possibly extend into the February 20 main top at 9780.50.

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