June E-mini NASDAQ-100 Index futures are trading higher late in the session on Friday. Investors are shrugging off the worst U.S. Non-Farm Payrolls report in history, choosing instead to focus on better times ahead with the reopening of the U.S. economy. The index is also trading higher for the year which means buyers have erased a 25% decline. Gains from Facebook, Amazon Alphabet and Apple helped lift the index into positive territory.
At 18:54 GMT, June E-mini NASDAQ-100 Index futures are trading 9161.25, up 43.00 or +0.55%.
Sentiment on Wall Street was also aided after Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer spoke to Chinese Vice Premier Liu He late on Thursday about the phase one trade deal signed in January.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. The main trend will change to down on a trade through the last main bottom at 8556.25. If the upside momentum continues then look for the rally continue into the February 20 main top at 9780.50.
The nearest support is the December 31, 2019 close at 8770.75 and the major retracement zone at 8576.50 to 8204.50.
With the June E-mini NASDAQ-100 Index just starting another breakout to the upside, the nearest level to watch for support is the former top at 9144.75.
Taking out 9107.75 will turn the market lower for the session. Closing below this level will produce a closing price reversal top, which could lead to a 2 to 3 day correction.
This article was originally posted on FX Empire
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