NQ has had a more consistent bullish momentum profile than either /ES or /RTY, having closed above its daily 21-EMA every session since May 5. NQ gold price technical analysis: daily chart (June 2022 to January 2023) With measures of volatility depressed (/ESU3: IV Index – 13.5% IVR – +2.1) and the technical structure retaining its bullish bias, a return to a through-the-yearly-high of 4493.75 could be achieved by early July. Instead, Slow Stochastics are turning higher while still above their median line, and the moving average convergence/divergence (MACD ) is close to issuing a fresh bullish crossover while about its signal line. The pullback seen between June 16 and June 26 did not breach the daily 21-EMA, and momentum indicators did not return to oversold territory, a critical development that would be necessary if the month-long uptrend were to be declared dead. It has not closed below its daily 21-EMA since then. The seeds of the turn higher were planted earlier, however, when /ES closed above its daily 21-EMA (one-month exponential moving average) on May 25. ES gold price technical analysis: daily chart (June 2022 to January 2023)Īt the start of this month, /ES broke through ascending triangle resistance that has been in place since September 2022. While a brief setback starting Friday, June 16, tempered gains, constructive price action in this final week of the month has now positioned the S&P 500 (/ES), the Nasdaq 100 (/NQ) and the Russell 2000 (/RTY) on constructive technical footing heading into July. equity markets have produced solid gains throughout June.
Year-to-date price percentage change chart for /ES, /NQ, and /RTY Market update: Nasdaq 100 up +37.67% year-to-dateĭespite starting the month with a great deal of uncertainty around a potential U.S. The rebound in /RTY at former resistance is a positive development for risk appetite broadly.
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