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James Hyerczyk
E-mini NASDAQ-100 Index

June E-mini NASDAQ-100 Index futures are trading lower at the mid-session, following through to the downside after confirming yesterday’s near closing price reversal top. Traders are saying that the nearly week-long rally may have been overdone to the upside with traders overpricing the anticipated Fed rate cut. Financial market traders are saying that market expectations of a rate cut in July rose to 85.3% after the U.S. Consumer Inflation report showed weakness.

At 16:09 GMT, June E-mini NASDAQ-100 Index futures are trading 7473.75, down 44.50 or -0.60%.

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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 new minor top was formed at 7600.75.

The main range is 7879.50 to 6941.25. Its retracement zone at 7410.25 to 7521.00 is currently being tested. This zone is controlling the longer-term direction of the index.

The intermediate range is 7641.00 to 6941.25. Its retracement zone at 7373.75 to 7291.00 is the next likely downside target.


Daily Technical Forecast

Based on the early price action and the current price at 7473.75, the direction of the June E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 7497.00.

Bearish Scenario

A sustained move under 7497.00 will indicate the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into the 50% level at 7410.25, followed closely by the steep uptrending Gann angle at 7389.25.

This angle, moving up at a rate of 64 points per day, has been guiding the market higher since June 3. Taking it out will put the market in a weak position with the next targets an intermediate Fibonacci level at 7473.75 and a downtrending Gann angle at 7351.75. If this angle fails then look for a spike into the intermediate 50% level at 7291.00.

Bullish Scenario

A sustained move over 7497.00 will signal the presence of buyers. The next target is the main Fibonacci level at 7521.00. Overtaking this level late in the session could trigger a short-covering rally with potential targets 7600.75, 7615.75 and 7641.00.

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