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James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are called higher. The early rally is being fueled by the momentum created by yesterday’s closing price reversal bottom.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. It is being fueled by the confirmation of yesterday’s closing price reversal bottom. Furthermore, a secondary higher bottom may be forming.

The closing price reversal bottom is not a trend-changing event, however, it could lead to a 2 to 3 day counter-trend rally. A trade through 6535.25 will negate the chart pattern and signal a resumption of the downtrend. The main trend will change to up on a trade through 7139.00.

The market is currently trading inside a retracement zone with the 50% level at 6822.75 the nearest upside target. On the downside, the support is 6609.00.


Daily Swing Chart Technical Forecast

Based on yesterday’s closing price reversal bottom and today’s confirmation, the direction of the December E-mini NASDAQ-100 Index is likely to be determined by trader reaction to 6714.50.

Bullish Scenario

A sustained move over 6714.50 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to extend into 6822.75. This is a potential trigger point for an acceleration into a short-term Fibonacci level at 6908.50.

Since the main trend is down, look for sellers on the first test of 6822.75 and 6908.50.

Bearish Scenario

A sustained move under 6714.50 will signal the presence of sellers. This could lead to a retracement of the first rally from 6535.25. The first downside target is 6609.00, followed by the minor bottom at 6525.25.

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