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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strong Over 15360.50, Weak Under 15254.75

·2-min read

December E-mini NASDAQ-100 Index futures rallied for third day as fears around a crisis in China’s property eased somewhat and as the Federal Reserve kept current monetary stimulus in place for just a little bit longer. Thursday’s gain also pushed the technology-driven index higher for the week.

At 20:18 GMT, December E-mini NASDAQ-100 Index futures are trading 15314.50, up 151.00 or +1.00%.

In stock related news, Marriott International Inc rose 3.82%. Moderna Inc was up 3.15% and Booking Holdings Inc jumped 2.88%.

Daily December E-mini NASDAQ-100 Index
Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending lower. A trade through 14699.00 will change the main trend to down. A move through 15702.25 will signal a resumption of the uptrend.

The minor trend is down. This is controlling the momentum. A move through 15532.50 will change the minor trend to up. This will shift momentum to the upside.

The main range is 13450.00 to 15702.25. Its retracement zone at 14576.25 is the major support.

The short-term range is 14437.00 to 15702.25. Its retracement zone at 15069.50 to 14920.25 is additional support. This zone stopped the selling three times this week.

The minor range is 15702.25 to 14807.50. The index is currently trading inside its retracement zone at 15254.75 to 15360.50. Trader reaction to this area will determine the near-term direction.

Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index early Friday is likely to be determined by trader reaction to 15254.75 and 15360.50.

Bearish Scenario

A sustained move under 15254.75 will indicate the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into 15069.50 to 14920.25.

Bullish Scenario

A sustained move over 15360.50 will signal the presence of buyers. If this move creates enough upside momentum then look for a surge into the minor top at 15532.50. Taking out this level could trigger an acceleration to the upside with 15702.25 the next major target.

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

This article was originally posted on FX Empire


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