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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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