E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Room to Rally into at Least 7584.75

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Buyers returned to the stock market after early session weakness on the news that President Trump plans to delay the implementation of auto tariffs. Shortly after the cash market opening, the market was under pressure amid renewed concerns over a global economic slowdown after a slew of economic data from China came in lower than the forecast.

Prices were further pressured by weaker-than-expected U.S. retail sales, industrial production and capacity utilization. The major indexes rebounded and turned higher for the session after CNBC and Bloomberg News reported that the Trump administration will delay the tariffs by up to six months.

At 18:25 GMT, June E-mini NASDAQ-100 Index futures are trading 7534.50, up 115.50 or +1.54%.

Daily June E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 7879.50 will signal a resumption of the uptrend. This is not likely today, but there is room for a 50% to 61.8% correction.

The minor trend is down. A trade through 7654.50 will change the minor trend to up. This will also shift momentum to the upside.

Traders appear to have formed support at a retracement zone at 7422.50 to 7314.75.

The short-term range is 7879.50 to 7290.00. Its retracement zone at 7584.75 to 7654.50 is the primary upside target. Sellers could show up on a test of this zone. They are going to try to form a secondary lower top.

Daily Technical Forecast

Going into the last two hours of trading, the support is the main 50% level at 7422.50, an uptrending Gann angle at 7384.00, a main Fibonacci level at 7314.75 and the minor bottom at 7290.00.

On the upside, the first target is the short-term 50% level at 7584.75. Taking out this level could drive the index into the resistance cluster at 7654.25, 7654.50 and 7655.50. Sellers could show up at any of these levels, but continuing to claw through these levels will indicate the buying is getting stronger.

This article was originally posted on FX Empire