Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – December 14, 2018 Forecast
December E-mini NASDAQ-100 Index futures are called lower. The index is being pressured by weaker-than-expected economic data from China and the Euro Zone. The selling started early in the session after China reported industrial output and retail sales growth numbers for November that missed expectations. The sell-off extended after shares in Europe fell in response to weaker-than-forecast IHS Markit Flash Eurozone PMI data.
At 1300 GMT, December E-mini NASDAQ-100 Index futures are trading 6678.25, down 73.75 or -1.09%.
Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing chart. However, momentum has been trending higher since the formation of the closing price reversal bottom on December 10.
A trade through 7139.00 will change the main trend to up. A move through 6535.25 will negate the closing price reversal bottom and signal a resumption of the downtrend. This could lead to a further break into a pair of bottoms at 6449.50 and 6385.25.
The minor trend is also down. A trade through 6872.00 will change the minor trend to up. This will reaffirm the shift in momentum to the upside.
The short-term range is 6535.25 to 6872.00. Its retracement zone is 6703.75 to 6664.00.
The intermediate range is 7139.00 to 6535.25. Its Fibonacci level is 6908.50.
The index is also trading inside a longer-term retracement zone at 6822.75 to 6609.00.
Daily Swing Chart Technical Forecast
Based on the early price action, the direction of the December E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 6664.00.
Bullish Scenario
A sustained move over 6664.00 will indicate the presence of buyers. They will be trying to form a secondary higher bottom. The first upside target is the 50% level at 6703.75. This is a potential trigger point for an acceleration to the upside with targets coming in at 6822.75, 6872.00 and 6908.50.
Overcoming 6908.50 could trigger another acceleration to the upside.
Bearish Scenario
A sustained move under 6664.00 will signal the presence of sellers. This could lead to a quick break into the major Fibonacci level at 6609.00. The selling pressure will begin to increase under this level with main bottom targets at 6535.25, 6449.50 and 6385.25.
Basically, look for an upside bias to develop on a sustained move over 6703.75 and for a downside bias to develop on a sustained move under 6664.00.
This article was originally posted on FX Empire
