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James Hyerczyk
NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading slightly lower on Friday, during a mostly lackluster session. Investors continued to assess the chances of a new coronavirus aid bill while shifting their focus on the November 3 presidential election.

The technology-based index was also weighed down by a 10.8% plunge in chipmaker Intel Corp after it reported a drop in margins as consumers changed their buying habits during the pandemic and bought cheaper laptops. Meanwhile, pandemic-stricken businesses and governments clamped down on data center spending.

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At 17:24 GMT, December E-mini NASDAQ-100 Index futures are trading 11629.75, down 20.00 or -0.17%.

The index is trading lower for the session and edging lower since the cash market opening. Volume is light as negotiations with lawmakers seem to have been placed on hold.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. The main trend will change to down on a trade through 11197.50. A move through 12249.00 will signal a resumption of the uptrend.

The minor trend is down. This is controlling the downside momentum. A trade through 12022.00 will change the minor trend to up.

The intermediate retracement zone at 11550.50 to 11761.75 is currently being tested. This zone is controlling the near-term direction of the index.

The short-term range is 10656.50 to 12249.00. Its retracement zone at 11452.75 to 11264.75 is an additional support area.

The minor range is 12249.00 to 11511.00. Its retracement zone at 11880.00 to 11967.00 is a potential resistance area.


Short-Term Outlook

The direction of the December E-mini NASDAQ-100 Index into the close on Friday is likely to be determined by trader reaction to the intermediate 50% level at 11550.50.

Bullish Scenario

A sustained move over 11550.50 will indicate the presence of buyers. This could trigger a surge into 11761.75.

Bearish Scenario

A sustained move under 11550.50 will signal the presence of sellers. This could trigger a further break into 11511.00 then 11452.75. The latter is a potential trigger point for an acceleration to the downside with 11264.75 the next major target.

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