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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are nudging higher early Friday after a roller-coaster ride the previous session. Early in the day, the market was driven higher by a jump in shares of Microsoft in reaction to strong quarterly results. Gains were capped after a 20.8% drop in shares of Twitter on weaker-than-expected results.

At 06:54 GMT, December E-mini NASDAQ-100 Index futures are trading 7940.00, up 11.75 or +0.14%.

The index weakened following the cash market close after Amazon reported third-quarter earnings that disappointed investors and sent its stock spiraling down as much as 9%.

The index’s losses were softened after Intel stock jumped as much as 8% in extended trading on Thursday after the chipmaker beat third-quarter earnings expectations and reignited revenue growth.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 7994.75 will reaffirm the uptrend. The main trend changes to down on a move through 7583.25.

The minor trend is down. This is why momentum is trending lower. A trade through 7810.25 will indicate the selling pressure is getting stronger. A move through 7988.75 will change the minor trend to up and shift momentum back to the upside.

The minor range is 7994.75 to 7810.25. Its 50% level or pivot at 7902.50 is support. It’s controlling the direction of the index.

The short-term range is 7583.25 to 7994.75. Its retracement zone at 7789.00 to 7740.50 is the first downside target. Since the main trend is up, buyers could come in on a test of this zone.


Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 7940.00, the direction of the December E-mini NASDAQ-100 Index on Friday is likely to be determined by trader reaction to the pivot at 7902.50.

Bullish Scenario

A sustained move over 7902.50 will indicate the presence of buyers. If this move creates enough upside momentum then look for a rally into 7988.75 and 7994.75.

Taking out 7994.75 could trigger a rally into the main top at 8002.50, followed by the contract high at 8071.75.

Bearish Scenario

Crossing to the weak side of the pivot at 7902.50 could trigger an acceleration to the downside with the next target the minor bottom at 7810.25, followed by the short-term retracement zone at 7789.00 to 7740.50.

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