E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 12743.75, Weakens Under 12615.25

June E-mini NASDAQ-100 Index futures are edging lower late in the session on Friday as investors shy away from technology stocks while focusing on classic reopening plays such as American Airlines, Royal Caribbean, Carnival and Norwegian Cruise Line. Money is also flowing into bank shares and energy stocks.

At 18:40 GMT, June E-mini NASDAQ-100 Index futures are trading 12752.50, down 18.00 or -0.14%.

Helping to boost the index early in the session was a report showing U.S. consumer spending fell by the most in 10 months in February as a cold snap gripped many parts of the country and the boost from a second round of stimulus checks faded, though the decline is likely to be temporary. The report dampened predictions of an overheating economy.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 13172.00 will change the main trend to up. A move through 12609.75 will signal a resumption of the downtrend.

The short-term range is 12200 to 13287.25. Its retracement zone at 12743.75 and 12615.30 is support.

The minor range is 13172.00 to 12609.75. Its 50% level or pivot at 12891.00 is resistance.

The main range is 13888.00 to 12200.00. Its retracement zone at 13044.00 to 13243.25 is controlling the near-term direction of the index.

Short-Term Outlook

The direction of the June E-mini NASDAQ-100 Index into the close on Friday will be determined by trader reaction to 12743.75.

Bearish Scenario

A sustained move under 12743.50 will indicate the presence of sellers. The first downside target is 12615.25, followed by 12609.75.

Taking out 12609.75 could trigger an acceleration to the downside. The daily chart indicates there is no visible support until 12200.00.

Bullish Scenario

A sustained move over 12743.75 will signal the presence of buyers. This could trigger a surge into 12891.00. Overtaking this level could lead to an acceleration to the upside with 13044.00 the next likely upside target.

For a look at all of today’s economic events, check out our economic calendar.