E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Megacap Growth Stocks Post Impressive Gains

As the tech-heavy index seeks to rebound from its bear market, June E-mini NASDAQ-100 Index futures are trading higher just before the cash market close on Tuesday.

Semiconductor stocks are among the most successful. Advanced Micro Devices shares soared more than 8% after Piper Sandler upgraded the company, saying it looked appealing after plunging 34.5 percent this year. The stock price of Nvidia increased by 5%, Qualcomm increased by 4%, and Micron Technology increased by almost 6%.

June E-mini NASDAQ 100 Index futures are trading at 12541.00, up 296.25 or +2.42 percent, at 19:55 GMT. The Invesco QQQ Trust ETF (QQQ) is now trading at $306.00, up $7.56 (2.53%).

Other top performers were Microsoft Corp, Apple Inc, and Tesla Inc, which all climbed between 1.5 and 4.8 percent, giving the NASDAQ Composite the highest lift.

Retail sales figures came in roughly as predicted in economic news. According to the US Census Bureau, retail expenditure increased by 0.9 percent in April. In April, non-auto retail sales increased by 0.6 percent.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. However, momentum is increasing. A move through 13555.25 will alter the major trend to up, while a move through 11689.00 would imply the downtrend will resume.

When buyers wiped out the previous minor high at 12553.25, the minor trend turned up. This moved the market's momentum upward.

13555.25 to 11689.00 is the minor range. The initial upside objective is the pivot at 12622.25.

14298.00 to 11689.00 is the short-term range. The next aim is the retracement zone from 12993.50 to 13301.50.