E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Testing Main Retracement Area at 7410.25 to 7521.00

June E-mini NASDAQ-100 Index futures are trading sharply higher on Friday as investors shrugged off concerns about trade relations, tariffs and even a weaker-than-expected U.S. labor market, and instead shifted their focus on increased chances of a Fed rate cut sooner rather than labor. A June rate cut is not likely to happen when the Fed meets on June 18 -19, but futures traders are starting to price in a greater chance of a July cut.

At 17:41 GMT, June E-mini NASDAQ-100 Index futures are at 7433.50, up 151.25 or +2.06%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 7641.00 will change the main trend to up. A move through 6941.25 will signal a resumption of the uptrend. The market is also in a position to post a potentially bullish weekly closing price reversal bottom.

The short-term range is 7641.00 to 6941.25. The market is currently trading on the strong side of its retracement zone at 7373.75 to 7291.00, making it support.

The main range is 7879.50 to 6941.25. The index is currently testing its retracement zone at 7410.25 to 7521.00. Since the trend is down, it could run into sellers. Overtaking it, however, will be another sign of strong buyers.

Daily Technical Forecast

Based on the early price action and the current price at 7433.50, the direction of the June E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the 50% level at 7410.25.

Bullish Scenario

A sustained move over 7410.25 will indicate the presence of buyers. If this move creates enough upside momentum late in the session, we could see a rally into 7521.00.

Bearish Scenario

A sustained move under 7410.25 will signal the buying is slowing. This could trigger an initial move into 7399.50 and 7373.75. If the latter fails as support then look for the selling to possibly extend into the 50% level at 7291.00.