E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Crossed to Bullish Side of Minor Pivot at 11955.75
December E-mini NASDAQ-100 Index futures are trading higher during the premarket session on Monday as part of an overall bullish tone in the global equity markets. This is a welcome sight for investors after the tech-based index tumbled 0.6% last week. The rally comes as traders piled into beaten-down value names at the expense of high-flying growth stocks amid positive vaccine news.
At 06:20 GMT, December E-mini NASDAQ-100 Index futures are trading 12043.00, up 109.50 or +0.92%.
In other news, a senior adviser to President-elect Joe Biden said there were no plans for nationwide lockdowns next year and instead talked about restrictions for specific regions when the virus spread is bad there.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 12408.75 will signal a resumption of the main trend. A trade through 10942.25 will change the minor trend to down.
The minor trend is also up. A trade through 11503.25 will change the minor trend to down. This will shift momentum to the downside.
The minor range is 12408.75 to 11503.25. Its retracement zone at 11955.75 is new support. The market is currently trading on the strong side of this level.
The short-term range is 10942.25 to 12408.75. Its retracement zone at 11675.50 to 11502.50 is support. This zone was tested successfully last week when the market hits its weekly low at 11503.25 on November 10.
Daily Swing Chart Technical Forecast
The direction of the December E-mini NASDAQ-100 Index futures contract on Monday is likely to be determined by trader reaction to the minor pivot at 11955.75.
A sustained move over 11955.75 will indicate the presence of buyers. If this can generate enough upside momentum then the daily chart indicates the index has a clean shot at 12408.75 and the main top at 12444.75.
A sustained move under 11955.75 will signal the presence of sellers. This is a potential trigger point for an acceleration to the downside with the next potential target zone coming in at 11675.50 to 11502.50.
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