Yahoo Finanza E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Weakens Under 14720.50, Strengthens Over 14785.50
September E-mini NASDAQ-100 Index futures are trading sharply higher at the mid-session on Tuesday, bouncing back from yesterday’s sell-off even as investors worried about the impact of a resurgence in COVID-19, spurred by the Delta variant.
At 17:04 GMT, September E-mini NASDAQ-100 Index futures are trading 14716.75, up 176.00 or +1.21%.
Leading the index higher is Peloton Interactive Inc with a 4.06% gain. Among the tech heavyweights, Apple Inc is up 2.72%, Google-Parent Alphabet is up 1.69%, Facebook is up 1.10% and Netflix is up 0.16%.
Netflix is scheduled to release its earnings report after the close on Tuesday. The report is expected to show the company earned $3.18 a share on sales of $7.3 billion, representing increases of 100% and 19%, respectively, versus the year-ago period.
Last quarter, earnings soared 139% on revenue of $7.1 billion.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 14996.00 will signal a resumption of the uptrend. The main trend will change to down on a move through the nearest main bottom at 12906.00.
The minor trend is down. It turned down on Monday, shifting momentum to the downside. A trade through the new minor bottom at 14445.00 will reaffirm the shift in momentum.
The minor range is 14996.00 to 14445.00. The index is currently testing its retracement zone at 14720.50 to 14785.50. Trader reaction to this area is likely to determine the tone of the market the rest of the week.
On the downside, the nearest support is a pair of 50% levels at 14476.50 and 14413.00. This area stopped the selling at 14445.00 on Monday.
Additional support levels are 50% levels at 14223.50 and 13951.00.
Daily Swing Chart Technical Forecast
Based on the mid-session trade, the direction of the September E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to 14720.50.
Bullish Scenario
A sustained move over 14720.50 will indicate the presence of buyers. This could trigger a late session rally into the Fibonacci level at 14785.50. Taking out this level could trigger an acceleration to the upside with 14996.00 the next major target.
Bearish Scenario
A sustained move under 14720.50 will signal the presence of sellers. The first downside target is a minor pivot at 14595.00. If this level fails then look for the selling to possibly extend into a support cluster at 14476.50, 14445.00 and 14413.00.
Taking out 14413.00 could trigger an acceleration into the next major 50% level at 14223.50.
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This article was originally posted on FX Empire
