The September E-mini NASDAQ-100 futures contract hit another record high on Wednesday as investors continued to buy technology stocks who have weathered the COVID-19 storm so far. The tech sector is being driven higher by shares of Netflix Inc, Microsoft Corp and Amazon.com Inc which are producing gains of between 2.3% and 9.6%. All are being hailed as “stay-at-home winners”.
At 18:52 GMT, September E-mini NASDAQ-100 Index futures are trading 11917.75, up 191.50 or +1.63%.
Daily September E-mini NASDAQ-100 Index
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session when buyers took out yesterday’s high at 11742.25. The main trend will change to down on a trade through the nearest main bottom at 10845.50.
The minor trend is also up. A trade through 11221.50 will change the minor trend to down. This will also shift momentum to the downside.
Short-Term Outlook
The momentum is just too strong to stand in the way of the rally. If you feel inclined to try to pick a top, then wait for the rally to stop and for a closing price reversal top to form on either an intraday chart or the daily chart.
A closing price reversal top won’t change the main trend to down, but it could signal that the selling is greater than the buying at current price levels. If confirmed, it could trigger a short-term correction. #NASDAQ##StockMarket#
Reprinted from Fxempire，the copyright all reserved by the original author.
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