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As of 8:30 PM Beijing time, WTI crude oil futures fell 4.21%, and US natural gas futures fell 1.63%.Chairman of the Joint Chiefs of Staff, General Kane, said that if ordered to carry out escort missions in the Strait of Hormuz, a range of options will be considered.Chairman of the Joint Chiefs of Staff, General Kane, stated that most Iranian surface-to-air missiles do not pose a threat.German Chancellor Merz: Expresses concern over the lack of a joint plan to end the war in Iraq.March 10 - U.S. stocks stalled their rally as investor confidence waned in a potential end to the Iran conflict. S&P 500 futures fell 0.4% and Nasdaq 100 futures dropped 0.3%. Major indexes had briefly turned positive late Monday after Trump hinted that the war with Iran might be nearing its end. While Trump believes the conflict wont end this week, he insists military action is progressing faster than expected. "In some ways, this news comes at a good time, given the market downturn," said Tom Essaye of Sevens Report. He added that there are still reasons to doubt the viability of the TACO trade. "Trumps conciliatory remarks were welcomed by the market, but if yesterdays TACO rebound is to signify the end of this downturn, unilateral statements alone are not enough," said Kathleen Brooks, head of research at XTB. She added that Trumps comments "may not be enough to permanently eliminate the risk premium already priced into recent oil prices, especially with the Strait of Hormuz still closed," and she expects oil prices to remain volatile as the conflict continues.

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Showing Early Signs of Closing Price Reversal Bottom

Skylar Shaw

May 11, 2022 11:18

Risk appetite seemed to be heating up again following Monday's severe sell-off, with June E-mini S&P 500 Index futures trading higher at the cash market start on Tuesday, although concerns over economic growth weighed on mood.


A combination of monetary tightening by major central banks and a slowdown in economic growth has fuelled this month's shattering collapse in the benchmark index.


June E-mini S&P 500 Index futures were trading at 4048.75 at 13:30 GMT, up 51.25 or 1.54%. The S&P 500 Trust ETF (SPY) closed at $398.23 on Monday, down $13.11 or -3.19 percent. Based on the behavior of the futures market, traders anticipate a higher opening.


The index's overnight bounce was most likely a technical response to the market's first dip below the 4000.00 barrier since March 2021. As the market moved, it reached many oversold oscillator levels, attracting bottom-pickers.


Investors may also be adjusting their holdings ahead of Wednesday's important Consumer Price Index (CPI) release in the United States.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is down, but the market is displaying signals of a change in momentum. A move through 3961.75 marks the start of a new downtrend, while a move through 4303.00 marks the start of a new uptrend.


4303.00 to 3961.75 is the minor range. The closest resistance is around 4132.50 to 4172.75, which is the retracement zone.


4509.00 to 3961.75 is the short-term range. Its 50% level of 4235.50 serves as extra resistance.

Technical Forecast for the Daily Swing Chart

Trader response to 3987.50 is expected to influence the direction of the June E-mini S&P 500 Index on Tuesday.

Positive Outlook

The presence of buyers will be shown by a prolonged advance over 3987.50. We might witness a burst through the minor 50 percent mark at 4132.50 if this move creates enough upward momentum. On the first challenge of this level, sellers are likely to enter. If it fails to hold as support, the Fibonacci level at 4172.75 is likely to be tested.

Bearish Prospects

The presence of sellers will be shown by a persistent move below 3987.50. This may result in a retest of the intraday low of 3961.75. If this level is not held, the selling might continue till the primary bottom at 3904.75 on March 30, 2021.

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