E-mini NASDAQ-100 Index (NQ) Futures Technical Evaluation – New Sellers at 13489.50
June E-mini NASDAQ-100 Index futures are buying and selling decrease late within the session on Friday after giving up earlier features. The index rallied early within the session after a report confirmed a gauge for U.S. manufacturing exercise surged to a report excessive this month. Costs retreated later within the day after the tech sector got here underneath strain once more amid one other drop in bitcoin value.
At 18:42 GMT, June E-mini NASDAQ-100 Index futures are buying and selling 13429.00, down 57.50 or -0.43%.
Contributing to the early rally have been shares of Nvidia, which jumped 3% after the chip big introduced a 4-for-1 inventory cut up. The shares elevated though the cut up provides no precise worth to the inventory.
In financial information, the IHS Markit Flash U.S. Manufacturing Buying Managers’ Index jumped to an all-time excessive of 61.5 in Might from 60.5 in April. Economists polled by Dow Jones had anticipated the index to carry regular.
Day by day Swing Chart Technical Evaluation
The principle development is up based on the each day swing chart. However there are late session indicators that momentum could also be shifting to the draw back. A commerce by means of the intraday excessive of 13570.00 will sign a resumption of the uptrend. The principle development will change to down on a transfer by means of 12954.25, adopted carefully by one other most important backside at 12915.00.
The short-term vary is 14064.00 to 12915.00. Its retracement zone at 13489.50 to 13625.00 is resistance. This zone stopped the rally on Friday at 13570.00.
The minor vary is 12915.00 to 13570.00. Its 50% stage or pivot at 13242.50 is the subsequent probably draw back goal.
The principle vary is 12200 to 14064.00. Its retracement zone at 13132.00 to 12912.50 is the most important assist. This zone stopped the promoting on Might 13 and Might 19.
Quick-Time period Outlook
All eyes needs to be on dealer response to 13489.50 to 13625.00. Sellers try to type a probably bearish secondary decrease high. Consumers try to take it out with a view to set off a rally into a brand new excessive.
The course of the June E-mini NASDAQ-100 Index into the shut is more likely to be decided by dealer response to 13489.50.
A sustained transfer underneath 13489.50 will point out the presence of sellers. If this transfer creates sufficient draw back momentum then search for the promoting to presumably lengthen into the pivot at 13242.50, adopted by the most important retracement zone at 13132.00 to 12912.00.
A sustained transfer over 13489.50 will sign the presence of consumers. Taking out the intraday excessive at 13570.00 may set off a surge into 13625.00. It is a potential set off level for an acceleration to the upside.