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On January 13, Lyon pointed out that the impact of the "Biosafety Law" on WuXi Biologics (02269.HK) will change from unpredictable last year to controllable this year. The banks view on WuXi Biologics has become more positive this year, based on a slight improvement in biotech financing last year, increased certainty of antibody-drug conjugates (ADCs), and potential acceleration of Irish equipment. The bank raised its revenue and net profit forecasts for the company from 2024 to 2026 by 4% to 10% and 8% to 13%, respectively, and raised its target price for the stock from HK$22.6 to HK$22.9, reiterating its "outperform" rating.On January 13, the Yemeni Houthi armed forces said on January 11 that since the USS Truman entered the Red Sea, the Houthi armed forces have launched five attacks on it, "forcing it to the northernmost part of the Red Sea." On January 12, local time, the U.S. Central Command posted a photo on social media and said that the commander of the Central Command, Kurila, inspected the "Truman" aircraft carrier. However, it did not give the specific time when the photo was taken, nor the area where the aircraft carrier was when it was taken. The post stated that since the "Truman" entered the Central Commands area of responsibility on December 14, 2024, it has carried out a number of tasks, including multiple strikes against the Yemeni Houthi armed forces. The post did not mention the Houthi armed forces attacks on it.On January 13, Bocom International issued a report, lowering the target price of Anta Sports (02020.HK) to HK$104.28. The company is optimistic about the long-term, but considering the uncertainty of the consumer environment, the financial forecast is slightly lowered. The investment rating of "buy" is maintained.Hong Kong stocks rebounded, with the Hang Seng Tech Index narrowing its losses to less than 1%; the Hang Seng Index fell 1.22%.According to Barrons: After returning to a five-day office work system, some JPMorgan Chase (JPM.N) employees are considering forming a union.

E-mini NASD-100: Sellers Targeting March Bottom at 12942.50

Cameron Murphy

Apr 24, 2022 10:08


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The June E-mini NASDAQ-100 Index futures are down significantly just before the close on Friday, putting the tech-heavy index on track for its third week of losses. On heightened clarity regarding aggressive near-term interest rate rises and general worries ahead of Big Tech reports next week, sellers pounded technology equities.


June E-mini NASDAQ-100 Index futures were trading at 13442.00 at 17:55 GMT, down 286.25 or -2.09 percent. The Invesco QQQ Trust ETF (QQQ) is now trading at 325.41, down 8.74 percent.

Tech Stocks Have a Difficult Future Prior to the Release of Major Earnings Reports

The NASDAQ Composite has had a bumpy start to the year due to the possibility of a more hawkish Fed. The tendency is particularly obvious in tech and growth stocks, which are more exposed to increasing bond rates in terms of valuation. In the year 2022, the NASDAQ is down 17.9%.


The four largest U.S. corporations by market value, Apple, Microsoft, Amazon, and Google parent Alphabet, will report earnings next week.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The primary trend will be changed to down if a deal is made through 14298.00. The downtrend would be reaffirmed if the price breaks through the intraday low of 13435.75.


12942.50 to 15268.75 is the short-term range. The index is now trading at resistance from 13831.25 to 14105.75, which is the lower end of its retracement zone.

Technical Forecast for the Daily Swing Chart

Trader response to 13728.25 will influence the direction of the June E-mini NASDAQ-100 Index entering Friday's closing.

Scenario that is bearish

The presence of sellers will be shown by a persistent move below 13728.25. If the intraday low of 13435.75 is broken, it means the selling pressure is increasing. Look for a downward acceleration if this builds enough downside momentum, with 12942.50 being the next big negative target.

Possibilities for Growth

The return of buyers will be signaled by the crossing of 13728.25. This might provide enough rising momentum to test the 13831.25 to 14105.75 short-term retracement zone. This is the last possible barrier level before the big peak at 14298.00.

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