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E-mini NASDAQ-100 Set Up for Breakout Over 15268.75

Skylar Shaw

Apr 06, 2022 11:57


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Even though the global attitude remains cautious amid rumors of further sanctions against Russia over its invasion of Ukraine, June E-mini NASDAQ-100 Index futures are jumping soon before the close on Monday, supported by megacap stocks and a 20% spike in Twitter shares.


According to Reuters, after Tesla Inc Chief Executive Officer Elon Musk disclosed a 9.2 percent interest in the firm, Twitter Inc gained 24.1 percent to become the top performing stock on the NASDAQ-100 and the benchmark S&P 500.


June E-mini NASDAQ-100 Index futures are trading at 15133.50, up 269.75 or 1.81 percent, at 19:08 GMT. The Invesco QQQ Trust Series 1 ETF (QQQ) is currently trading at $368.54, up $6.69 or 1.85%.


Apple, Amazon, Nvidia, and Microsoft were among the technology companies that gained more than 1%. Tesla's stock also performed well, rising 3% after the electric vehicle manufacturer reported record deliveries for the first quarter.

Daily Swing Chart Technical Analysis

According to the daily swing chart, the major trend is up. The return of the uptrend will be signaled by a trade through 15268.75. The major trend will turn to down if the price breaks over 12942.50.


Although this is extremely improbable, there is enough opportunity for a regular 50% to 61.8 percent correction of the current 10-day surge.


The minor trend is upwards as well. The minor trend will be changed to down if a deal is made through 14725.00. This will cause the momentum to shift to the negative.


16700.00 to 12942.50 is the major range. At 14821.25 to 15264.75, the index is now trading within its retracement zone. This zone is in charge of the index's short-term direction.


15268.75 to 14725.00 is the minor range. At 14996.75, the index is trading on the strong side of its pivot, indicating support.


12942.50 to 15268.75 is the short-term range. If the minor trend shifts to the downside, the correction may continue into the retracement zone between 14105.50 and 13831.00.

Daily Swing Chart Technical Forecast

Trader reaction to 14997.00 will influence the direction of the June E-mini NASDAQ-100 Index entering Monday's closing.

Possibilities for Growth

The presence of buyers will be shown by a prolonged advance over 14997.00. Look for a burst into the resistance cluster around 15264.75 – 15268.75 if this generates enough upward momentum. When this area is overtaken, it indicates that the purchasing is becoming more powerful. This might lead to a surge to the upside, with the primary objective of 16007.50.

Scenario that is bearish

The presence of selling will be signaled by a persistent move below 14997.00. The initial objective is 14821.25, with the minor bottom at 14725.00 following immediately behind.


Taking out 14725.00 will change momentum to the downside, perhaps triggering an acceleration into the 14105.50 to 13831.00 short-term retracement zone.


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