June E-mini NASDAQ-100 Index futures are trading higher late in the session on Tuesday, but off its intraday high. Early in the session, the technology-driven index rose to its highest level since March 11 as investors grew more optimistic about a decline in new coronavirus cases. The buying seemed to stall shortly after the mid-session after New York State Governor Cuomo said the number of coronavirus deaths jumped by 731 Monday, the biggest daily increase.
At 18:23 GMT, June E-mini NASDAQ-100 Index futures are trading 8137.00, up 101.25 or +1.30%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 7376.00 will change the main trend to down.
The main range is 9780.50 to 6628.75. Its retracement zone at 8304.75 to 8653.00 is the primary upside target and major resistance area.
The intermediate range is 9006.75 to 6628.75. Its retracement zone is 7817.75 to 8098.25. Holding above this zone will make it support.
Daily Technical Forecast
Based on the early price action and the current price at 8137.00, the direction of the June E-mini NASDAQ-100 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 8036.75.
A sustained move over 8036.75 will indicate the presence of buyers. The next potential resistance is a Fibonacci level at 8098.50, a downtrending Gann angle at 8206.75 and a 50% level at 8304.75.
Taking out 8304.75 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with the next targets a major Fibonacci level at 8653.00 and a major downtrending Gann angle at 8724.50.
A sustained move under 8036.75 will signal the presence of sellers. This could trigger an acceleration to the downside with the next target the intermediate 50% level at 7817.75.
This article was originally posted on FX Empire
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