The June E-Mini NASDAQ-100 Index futures are trading higher in early to mid-session Thursday as investors ride a wave created by strong earnings from the meta platform. The momentum spread to battered technology and growth stocks, stoking concerns about a contraction in the US economy in the first quarter.
At 18:04 GMT, the June E-mini NASDAQ-100 Index futures are trading 13399.75, up 390.75 or +3.00%. The Invesco QQQ Trust ETF (QQQ) is at $327.55, up $10.79, or +3.41%.
The Facebook parent grew 14.3% after more than expected profits and user growth were taken out of the social networking site.
The world’s most valuable company Apple Inc. and e-commerce giant Amazon.com Inc. both rose more than 2% from their earnings later in the day.
US Economic News
A report from the US Department of Commerce shows that GDP fell at a 1.4% annual rate last quarter after rising 6.9% in the fourth quarter. Economists polled by Reuters had forecast the economy to grow at 1.1%.
daily swing chart technical analysis
The main trend is down as per the daily swing chart. A trade through 12801.50 would indicate a resumption of the downtrend. A move above 14298.00 would turn the main trend upwards.
A slight trend is also down. A trade through 13583.75 would turn the minor trend upward. This will transfer the momentum upwards.
The nominal range is from 13583.75 to 12801.50. It is currently trading on the strong side of its pivot at 13192.50, giving it support.
The short term range is 15268.75 to 12801.50. If the minor trend turns upwards then its retracement zone from 14035.25 to 14326.25 will become the next upside target.
Daily Swing Chart Technical Forecast
The closing direction of the June E-mini NASDAQ-100 Index Thursday at 13192.50 will be determined by the trader’s reaction.
A sustained move above 13192.75 would indicate the presence of buyers. The next target is a minor top at 13583.75. Exiting this level will lead to a minor trend change and may create the momentum needed to challenge the short-term 50% level at 14035.25.
A continued move below 13192.75 would indicate the presence of sellers. This could lead to a test of this week’s low at 12801.50 again. If this price fails, then selling is likely to extend to the main low of March 5, 2021 at 12179.50.