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On August 20, officials said that NATO military leaders, including senior US military generals, planned to hold an online video conference on Wednesday to discuss the Ukraine issue. US President Trump previously stated that European allies hope to send ground troops to ensure Ukraines security and ruled out the possibility of US ground troops entering Ukraine, but said that the US may provide air support. "As diplomatic efforts to ensure peace in Ukraine progress, I look forward to hearing the latest views on the current security environment," wrote Italian Admiral Dragon, Chairman of the NATO Military Committee. Dragon said he will chair the video conference. The US Supreme Commander in Europe and NATOs senior military commander, Glickevich, is expected to brief the other military leaders.On August 20, traders are pouring into a specific options bet that the Federal Reserve will cut interest rates by more than 25 basis points next month. Since the beginning of the month, there has been strong demand for positions related to the overnight secured financing rate (SOFR), which is closely related to policy expectations. This week, traders have increased their bets again, and open interest in contracts for a 50 basis point rate cut has surged. In a few days, Federal Reserve Chairman Powell will deliver a key speech at Jackson Hole. Previously, inflation data released by the United States exceeded expectations, causing some traders to lower their expectations for rate cuts. Despite a short-term pullback, traders still seem to be convinced that there will be a rate cut next month. On Tuesday, U.S. Treasuries ended a three-day sell-off, and yields on Treasury bonds of all maturities fell. "As the market prepares for Powells speech, the biggest risk facing U.S. Treasuries is that the Fed Chairman chooses to pour cold water on the widely expected September rate cut," said Ian Lingen, head of U.S. interest rate strategy at BMO Capital Markets.The discussions between Israel and Syria focused on de-escalation and non-interference in Syrias internal affairs. The talks between Syria and Israel are being held under the mediation of the United States.Robinhood (HOOD.O) Chief Financial Officer Jason Warnick sold 100,000 shares of the companys Class A common stock on the open market on August 15 at an average price of $110.929 per share, according to SEC filings.White House official: U.S. President Trump and Hungarian Prime Minister Orban discussed Ukraines EU accession negotiations on Monday and Budapest as a possible venue for a meeting between Zelensky and Putin.

E-mini NASDAQ-100 Index: Steep Sell-off Puts 12179.50 on Radar

Skylar Shaw

May 06, 2022 11:10

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June E-mini NASDAQ-100 Index futures are down dramatically late in the session on Thursday, erasing the preceding session's rise in a shocking reversal that extends the market's losses in 2022. The move followed a significant stock market gain on Wednesday, with the NASDAQ Composite cash index rising 3.19 percent.


June E-mini NASDAQ-100 Index futures were trading at 12738.75 at 19:19 GMT, down 792.50 or -5.86 percent. The Invesco QQQ Trust ETF (QQQ) is down $19.08, or -5.79 percent, to $310.52.


Investor concerns that the Federal Reserve's rate rise would not be enough to keep inflation under control, requiring the Fed to become more aggressive, sparked the sell-off.


Large tech stocks were under pressure, with Meta Platforms, which is owned by Facebook, and Amazon falling 5.8% and 7.1 percent, respectively. Microsoft's stock fell 4.7 percent.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 12709.75. The primary trend will turn to up if 13555.25 is crossed.

13583.75 to 12709.75 is the minor range. The market is now trading below its pivot around 13146.75, which is the closest barrier.

Short-Term Prospects

Trader response to the pivot at 13146.75 will decide the direction of the June E-mini NASDAQ-100 Index into Thursday's closing.

Bearish Prospects

The presence of sellers will be shown by a persistent move below 13146.75. Look for a test of the major bottom around 12709.75 if this develops enough negative momentum.


Taking out 12709.75 might set off a sell-off, with the primary bottom at 12179.50 on March 5, 2021 being the next significant target.

Positive Outlook

Late in the session, overtaking the pivot at 13146.75 will signify the return of buyers. This might result in a price increase from 13555.25 to 13583.75. If this region is broken, an acceleration to the upside is possible, with 13989.25 being the next major upside objective.

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