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

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.
James Hyerczyk
E-mini NASDAQ-100 Index

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 June E-mini NASDAQ-100 Index

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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.