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The German DAX 30 index closed down 285.94 points, or 1.16%, at 24,413.00 on Monday, April 20; the UK FTSE 100 index closed down 64.88 points, or 0.61%, at 10,602.75 on Monday, April 20; and the French CAC 40 index closed down 94.08 points, or 1.12%, at 8,331.05 on Monday, April 20; Europe The Stoxx 50 index closed down 79.21 points, or 1.31%, at 5978.50 on Monday, April 20; the Spanish IBEX 35 index closed down 240.72 points, or 1.30%, at 18243.78 on Monday, April 20; and the Italian FTSE MIB index closed down 666.93 points, or 1.36%, at 48202.50 on Monday, April 20.The Bank of Canadas first-quarter business outlook and consumer expectations survey found that approximately 85% of households expect a war with Iran to damage the economy and drive up prices.The Bank of Canadas first-quarter business outlook and consumer expectations survey showed that respondents inflation expectations for the next five years have fallen to 3.02% from 3.09% in the fourth quarter of last year.The Bank of Canadas first-quarter business outlook and consumer expectations survey showed that 55.7% of Canadian respondents expect a recession within the next 12 months, down from 58.3% in the fourth quarter of last year.The Bank of Canadas first-quarter business outlook and consumer expectations survey revealed that 11% of businesses expect inflation to be above 3% over the next two years, down from 16% in the fourth quarter of last year. 26% of businesses reported a real decline in sales over the past 12 months, down from 33% in the fourth quarter of last year. 9% of businesses expect Canada to enter a recession within the next year, down from 22% in the fourth quarter of last year.

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Showing Early Signs of Closing Price Reversal Bottom

Skylar Shaw

May 11, 2022 11:18

Risk appetite seemed to be heating up again following Monday's severe sell-off, with June E-mini S&P 500 Index futures trading higher at the cash market start on Tuesday, although concerns over economic growth weighed on mood.


A combination of monetary tightening by major central banks and a slowdown in economic growth has fuelled this month's shattering collapse in the benchmark index.


June E-mini S&P 500 Index futures were trading at 4048.75 at 13:30 GMT, up 51.25 or 1.54%. The S&P 500 Trust ETF (SPY) closed at $398.23 on Monday, down $13.11 or -3.19 percent. Based on the behavior of the futures market, traders anticipate a higher opening.


The index's overnight bounce was most likely a technical response to the market's first dip below the 4000.00 barrier since March 2021. As the market moved, it reached many oversold oscillator levels, attracting bottom-pickers.


Investors may also be adjusting their holdings ahead of Wednesday's important Consumer Price Index (CPI) release in the United States.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is down, but the market is displaying signals of a change in momentum. A move through 3961.75 marks the start of a new downtrend, while a move through 4303.00 marks the start of a new uptrend.


4303.00 to 3961.75 is the minor range. The closest resistance is around 4132.50 to 4172.75, which is the retracement zone.


4509.00 to 3961.75 is the short-term range. Its 50% level of 4235.50 serves as extra resistance.

Technical Forecast for the Daily Swing Chart

Trader response to 3987.50 is expected to influence the direction of the June E-mini S&P 500 Index on Tuesday.

Positive Outlook

The presence of buyers will be shown by a prolonged advance over 3987.50. We might witness a burst through the minor 50 percent mark at 4132.50 if this move creates enough upward momentum. On the first challenge of this level, sellers are likely to enter. If it fails to hold as support, the Fibonacci level at 4172.75 is likely to be tested.

Bearish Prospects

The presence of sellers will be shown by a persistent move below 3987.50. This may result in a retest of the intraday low of 3961.75. If this level is not held, the selling might continue till the primary bottom at 3904.75 on March 30, 2021.

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