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June E-mini NASDAQ-100 Index futures are trading flat during the pre-market session as investors braced for the start of a week which features first-quarter earnings reports from several large megacap technology companies. Additionally, Investors will get the opportunity to react to the latest monetary policy decision from the Federal Reserve.

At 04:36 GMT, June E-mini NASDAQ-100 Index futures are at 13932.25, up 5.25 or +0.04%.

Earnings take center stage this week with tech-related heavyweights reporting on Tuesday through Thursday, including Microsoft, Google-parent Alphabet Inc, Apple Inc and Facebook Inc.

Meanwhile, the Fed is expected to defend its policy of letting inflation run hot, while assuring stock investors it sees the pick-up in prices as only temporary.

Daily June E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 14059.50 will signal a resumption of the uptrend. The main trend will change to down on a move through 13700.50.

The minor range is 14059.50 to 13700.50. The index is currently trading on the strong side of its 50% level at 13880.00.

A second minor range is 13512.50 to 14059.50. Its 50% level at 13786.00 is additional support.

The short-term range is 12609.75 to 14059.50. If the main trend changes to down then look for the selling to possibly extend into its retracement zone at 13334.50 to 13163.50.

Daily Swing Chart Technical Forecast

The direction of the June E-mini NASDAQ-100 Index on Monday will be determined by trader reaction to the pivot at 13880.00.

Bullish Scenario

A sustained move over 13880.00 will indicate the presence of buyers. Taking out 13981 will indicate the buying is getting stronger. This could create the upside momentum needed to challenge the record high at 14059.50.

Bearish Scenario

A sustained move under 13880.00 will signal the presence of sellers. This could trigger a labored break into the second pivot at 13786.00 and the main bottom at 13700.50.

Taking out 13700.50 will change the main trend to down and could trigger an acceleration to the downside with 13512.50 the next potential downside target, followed by the short-term 50% level at 13334.50.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire