EUR/USD 1.15091
0.256%
Gold 3382.69
-0.171%
Oil 72.964
-0.988%
USD/JPY 144.899
-0.266%
GBP/USD 1.34620
0.256%
GBP/JPY 195.069
0.036%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Israeli military: Three drones launched from Iran have been intercepted.Traders slightly reduced bets on a Bank of England rate cut, with expectations for a 41 basis point reduction by the end of the year.1. Chiles central bank announced that the benchmark interest rate remained unchanged at 5.0%. 2. Central Bank Governor Pan Gongsheng: The RMB has become the worlds second largest trade financing currency. 3. After the release of US retail sales data, traders maintained expectations of a rate cut in September. 4. Fed mouthpiece: If it were not for the risk of tariffs on prices, the Fed would have been ready to cut interest rates this week. 5. The "first fire" of the Feds new Vice Chairman of Supervision Bowman: a meeting will be held to discuss relaxing bank leverage requirements. 6. Monetary Authority of Singapore survey: Economists pointed out that the easing of trade tensions poses an upside risk to Singapores economic outlook, and geopolitical tensions pose a downside risk to the economic outlook. 7. ECB-Government Committee member Stournaras: The ECB has reached the "first balance point" and any further rate cuts will depend on the data. Governing Committee member Villeroy: If necessary, we should act quickly. We should incorporate the appreciation of the euro into our monetary policy decisions.Airbus CEO: The company believes that the United States will have the lowest growth in air passenger traffic.According to the Emirates News Agency (WAM): Preliminary information on the vessel collision that occurred in the Sea of Oman on Tuesday indicated that the incident was caused by a "navigational error".

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.

Suggestion