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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Change in Minor Trend Puts 12523.25 on Radar

Skylar Shaw

May 27, 2022 10:37

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Shortly after the cash market closed on Thursday, June E-mini NASDAQ 100 Index futures were trading higher, putting the tech-heavy index on course to end a lengthy run of weekly losses.


The contract for futures is now on a seven-week losing run. The NASDAQ Composite rose roughly 2.7 percent to 11,740.65, boosted by a rise in Dollar Tree stock.


June E-mini NASDAQ-100 Index futures were trading at 12254.75 at 20:23 GMT, up 312.50 or +2.62 percent. The Invesco QQQ Trust ETF (QQQ) finished up $8.02, or 2.75 percent, at $299.28.


Dollar Tree, a bargain retailer, soared 21.9 percent after reporting a profit beat, helping to propel the NASDAQ higher.


In addition, Twitter's stock soared 6.3 percent when it was revealed that the social media business is suing billionaire Elon Musk for failing to disclose his ownership in the company. In other developments, Elon Musk boosted his investment in the company's acquisition attempt to $33.5 billion, signaling a new level of seriousness and greater likelihood that the transaction would be completed, according to experts.

Technical Analysis of the Daily Swing Chart

According to the c, the major trend is down. The momentum, on the other hand, is increasing. The major trend will turn to up if a transaction is made through 12594.00. The return of the decline will be signaled by a move through 11491.25.


The small upward trend is continuing. On Thursday, buyers wiped out the minor top at 12096.75, and the trend shifted to the upside. This turned the market's momentum to the positive. The minor trend will be changed to down if a transaction is made through 11576.25.


12594.00 to 11491.25 is the minor range. At 12042.50, the index is trading on the strong side of its pivot, indicating support.


The long-term 50% level at 11671.25 provides significant support. The long-term Fibonacci level of 10468.25 comes next.


On the upside, a 50 percent level at 12523.25 is the next barrier, followed by a retracement zone from 12894.75 to 13226.00.

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