Nasdaq 100: Tech Stocks Lead US Indices Higher After Soft PPI Today
June E-mini Nasdaq-100 futures are trading higher shortly before the cash market opening. The continuation of yesterday’s reversal bottom has put the market in a position to challenge the February 25 main top at 25705.00. If strong buyers show up on the move, it could launch an acceleration into the major top at 26580.50, the last stop before the all-time high at 26754.75.
On the downside is a cluster of support formed by an intermediate retracement zone at 25308.75 to 24858.25, the 200-day moving average at 25095.49 and the 50-day moving average at 24875.25.
That’s the bullish setup in a nutshell, now all we need is for momentum to continue with better-than-average volume.