E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Wrapping Up Terrible First-Half Performance

Just before the cash market closed on Thursday, September E-mini NASDAQ-100 Index futures were trading substantially lower as investors prepared to finish out one of the worst first halves in history.

The technology-based index has been going downward since November 2021, but since the Ukraine-Russia crisis broke out on February 24, it has been particularly heavily damaged. High inflation, increasing interest rates, and, more lately, a potential US recession, all serve to amplify the sell-off.

September E-mini NASDAQ-100 Index futures are now trading at 11536.50, down 154.50 or 1.32 percent, as of 19:45 GMT. The Invesco QQQ Trust ETF (QQQ) is down $3.58 or 1.26 percent, trading at $280.22.

According to a report from the Commerce Department, consumer spending in the United States increased less than anticipated in May. Although the study indicated that inflation had likely reached its high, price pressures are anticipated to persist, therefore the U.S. Federal Reserve should continue on its aggressive policy-tightening course.

Short-Term Prediction

The direction of the September E-mini NASDAQ-100 Index into Thursday's close will probably be determined by trader response to the short-term Fibonacci level around 11524.50.

Grizzly Situation

Sellers will be present if there is a persistent move below 11524.50. Consequently, if this move generates sufficient negative momentum, expect the index to finally retest the last primary low around 11068.50.

Removing 11068.50 will confirm the downward trend. This might result in an immediate challenge of the major bottom at 10944.00 from November 2, 2020.

Positive Scenario

The presence of buyers will be shown by a prolonged advance over 11524.50. A swift advance into the long-term 50 percent mark at 11671.25 may result from this.

It will be a display of strength to beat 11671.25. A late-session short-covering rise into the intermediate retracement range of 12021.25 to 12246.00 may result from this. On June 27, the purchasing was basically halted by this zone at 12262.00.