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Germanys preliminary composite PMI for August was 50.9, in line with expectations of 50.2 and the previous value of 50.6.Germanys preliminary services PMI for August was 50.1, in line with expectations of 50.3 and the previous value of 50.6.Germanys preliminary manufacturing PMI for August was 49.9, in line with expectations of 48.8 and the previous value of 49.1.On August 21st, Ukrainian President Volodymyr Zelensky announced that he had discussed security guarantees with US President Trumps team and confirmed the US delegation for the talks. Zelensky stated that he hoped to finalize the security guarantee framework within seven to ten days, preferably before his meeting with Putin. Regarding possible locations for the Ukrainian-Russian summit, Zelensky stated that Ukraine believes a neutral European country, such as Switzerland or Austria, is the right choice, and Turkey is not ruled out. However, this is unacceptable to Moscow, and Budapest is currently unrealistic.On August 21, Jonas Feldhusen, an economist at Hamburger Commerzbank, reported that Frances composite PMI remained below the growth threshold in August, reaffirming the persistent economic weakness that has persisted this year. While the index showed a slight improvement from the previous month, no clear turning point has emerged. On a slightly positive note, the contraction in both the manufacturing and services sectors slowed, which can be cautiously viewed as an early sign of stabilization. The services sector reflects broader economic conditions. Business activity continues to lack momentum. Current order book conditions, particularly the significant deterioration in overseas demand in August, make any hopes for a short-term recovery very slim. Service providers remain cautious about the future. The manufacturing sector remains under significant pressure. Long-term challenges such as weakening international competitiveness and rising protectionism are creating a difficult environment. Global supply chains may still be adjusting to the new tariff system, which may contribute to the significantly longer delivery times. While the sharp decline in orders seen last month was not repeated in August, manufacturer sentiment showed little improvement.

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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