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Hang Seng Index futures closed up 1.25% at 19,841 points in the night session, 257 points higher than the previous session.Congressional Budget Office (CBO): The cost of clean energy subsidies in the inflation-proof bill is now expected to be $825 billion between 2025 and 2035, compared with an estimated cost of $270 billion between 2022 and 2031.The Federal Reserve accepted a total of $118.327 billion from 32 counterparties in fixed-rate reverse repurchase operations.The Federal Aviation Administration (FAA) said it was working with SpaceX and relevant authorities to confirm reports of damage to public property in the Turks and Caicos Islands.Futures traders are adjusting their bets in the Treasury market after mild inflation data and dovish comments from a Federal Reserve official. Over the past two days, the volume of open interest has changed, consistent with traders exiting short positions in two-year Treasury bonds and establishing new long positions in longer-term Treasury contracts, especially in the five-year Treasury. The shift came after consumer price inflation data released on Wednesday and comments made by Federal Reserve Governor Christopher Waller the next day. Data released on Wednesday showed that core price increases in December were lower than economists expected; Waller said that if the trend continues, officials may cut interest rates again in the middle of the year. Morgan Stanleys interest rate strategists suggested late Thursday that long positions could be established in Treasury bonds of this term given expectations that the Federal Reserve will cut interest rates in March, but this is still a minority view. The swap market expects only a 6 basis point rate cut in March, which means there is about a 25% chance of a 25 basis point cut. “We haven’t ruled out a rate cut in March, but we do see it as more of a tail risk,” said Stephanie LaRosiliere, head of fixed income strategy at Invesco. “It doesn’t feel like the Fed needs to react so hastily.”

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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