E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis

Late in the session on Friday, June E-mini NASDAQ-100 Index futures were trading higher, putting the tech-weighted index in a position to end on a positive note, but still below for the week. The market action was chaotic throughout the time, with wild gyrations fueling volatility amid signals of peaking inflation and fears that the Federal Reserve might tighten policy too quickly.

The market was driven higher by rebounding megacap tech and tech-related growth firms. During the epidemic, when interest rates were touching historical lows and Fed monetary policy was supportive, these stocks lifted the main indexes to record highs, but they have been smashed for many months.

In other financial news, Twitter Inc shares fell 9.8% after Elon Musk tweeted that he has put the $44 billion cash acquisition proposal on hold while waiting for evidence on false accounts from the social media business. Tesla Inc, on the other hand, increased by 4.9 percent.

Swing Chart Every Day Technical Evaluation

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a transaction through 11689.00. The primary trend will turn to up if 13555.25 is crossed.

The small downward trend continues. The minor trend will be changed to up with a transaction through 12553.25. This will change the market's momentum upward.

The long-term retracement zone from 11671.25 to 10468.25 is the primary support on the downside.

A pivot at 12622.25 is the first objective and probable resistance on the upside.