NASDAQ-100 Index futures finished higher: Downside Pressure
Updated
June E-mini NASDAQ-100 Index futures finished higher on Friday after reversing earlier weakness. On Friday, June E-mini NASDAQ-100 Index futures settled at 7840.25, up 41.75 or +0.53%. The main trend is up according to the daily swing chart. A trade through 7879.50 will signal a resumption of the uptrend. The main trend will change to down on a move through 7276.00. This is highly unlikely, but there is room for a normal 50% to 61.8% correction if the minor trend changes to down.
NASDAQ-100 Index touch new higher 8000 Area That was best opportunity for sell, first target 7690 and finally 7200 level. NASDAQ-100 Index daily 200 ma Moving Average Area 7140 so this is best way for Buy NASDAQ-100 Index 7140 level target 7712 level.
Bullish Scenario:-
Taking out 7879.50 will indicate the buying is getting stronger. There is no resistance at this time, but buyers will have to watch for a closing price reversal top. This chart pattern will not change the trend, but it could lead to a short-term correction.
Bearish Scenario:-
The inability to overcome 7879.50 will signal the presence of sellers. This could drive the index back into the first short-term pivot at 7769.75. The next downside targets are Friday’s low at 7755.50, and a pair of pivots at 7739.00 and 7727.50.
NASDAQ-100 Index touch new higher 8000 Area That was best opportunity for sell, first target 7690 and finally 7200 level. NASDAQ-100 Index daily 200 ma Moving Average Area 7140 so this is best way for Buy NASDAQ-100 Index 7140 level target 7712 level.
Bullish Scenario:-
Taking out 7879.50 will indicate the buying is getting stronger. There is no resistance at this time, but buyers will have to watch for a closing price reversal top. This chart pattern will not change the trend, but it could lead to a short-term correction.
Bearish Scenario:-
The inability to overcome 7879.50 will signal the presence of sellers. This could drive the index back into the first short-term pivot at 7769.75. The next downside targets are Friday’s low at 7755.50, and a pair of pivots at 7739.00 and 7727.50.
Note
Nasdaq Composite both renewed their record highs right after the opening bell and was last seen up 0.08% and 0.05% respectively while the Dow Jones Industrial Average was virtually unchanged on the day.
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