E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – December 1, 2017

December E-mini NASDAQ-100 Index futures are trading lower shortly before the cash market opening. For a second session, the index is trading inside Wednesday’s steep sell-off. This indicates investor indecision and impending volatility.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6429.50 will signal a resumption of the uptrend. A move through 6283.00 will signal that the selling pressure is getting stronger.

The index is also trading between a pair of retracement zones at 6356.25 to 6373.50 and 6330.00 to 6306.50. We could see a choppy, two-sided trade as long as the market remains inside these retracement zones.

Daily Technical Forecast

Based on the earlier trade at 6339.00, the upside targets are a short-term 50% level at 6356.25, a short-term Fibonacci level at 6373.50 and a short-term downtrending angle at 6381.50.

Look for an acceleration into 6405.50 if buyers take out 6381.50 with conviction.

On the downside, the first support is 6330.00, followed by an uptrending angle at 2643.50 then a Fibonacci level at 6306.50. This is the last support angle before the low for the week at 6283.00.

The trigger point for an acceleration to the downside is an uptrending angle at 6417.50.