Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
James Hyerczyk

December E-mini NASDAQ-100 Index futures are surging late in the session on Monday, bouncing back from a midday setback that saw the index bend, but not break after posting strong gains shortly after the opening.

Analysts said the gains could be attributed to quarter-end rebalancing of investor portfolios as cyclical sectors including financials, industrials, materials and energy added more than 2% by midday trading.

At 19:12 GMT, December E-mini NASDAQ-100 Index futures were trading 11329.50, up 193.00 or 1.73%. This is just off the high of the session at 11365.50.

Monday’s rally has put the E-mini NASDAQ-100 Index on course for their biggest two-quarter gains since 2000 and 2009, respectively.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The trend turned up earlier in the session when buyers took out the last main top at 11222.00. A trade through 11222.00 will change the main trend to down.

The main support is a retracement zone bounded by 10917.50 to 10557.25. This zone stopped the selling at 10660.25 and 10656.50 on September 24 and September 21 respectively.

The minor range is 11539.00 to 10656.50. Besides changing the main trend to up, the index also crossed to the strong side of the minor retracement zone at 11199.50 to 11094.75.

The short-term range is 12444.75 to 10656.50. The next objective is the retracement zone at 11550.75 to 11761.75.


Short-Term Outlook

Upside should continue to build over the swing top at 11222.00 with the retracement zone at 11199.50 to 11094.75 providing solid near-term support.

The next swing top target is 11539.00. This is followed closely by the retracement zone at 11550.75 to 11761.75. This is an important retracement zone because it represents 50% to 61.8% of the entire break from 12444.75 to 10656.50 so we expect to see sellers come in on a test of this area.

Sellers are going to try to establish a secondary lower top. If successful, then we could see a retest of the main bottom at 10656.50 or even more downside pressure. If the bears are unsuccessful in stopping a rally at 11761.75 then look for an acceleration to the upside with 12444.75 the next major upside target.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.