E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Giving Back Early Gains on Amazon, Apple Misses

December E-mini NASDAQ-100 Index futures are trading higher after the cash market close, but off its intraday high after Amazon.com badly missed on earnings and revenue, while giving disappointing fourth-quarter guidance. Traders are now awaiting the release of earnings results from Apple.

Early in the session, the tech-weighted index hit a record high, led by mega-cap companies Apple, Amazon.com and Tesla. Among the biggest losers, EBay Inc fell 7.5% after the e-commerce firm forecast downbeat holiday-quarter revenue.

At 20:26 GMT, December E-mini NASDAQ-100 Index futures are at 15713.75, up 126.50 or +0.81%. This is down from an intraday high of 15777.00.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through the intraday high at 15777.00 will indicate the presence of buyers. A move through 15273.75 will change the main trend to down.

The inability to hold above the former record top at 15702.25 will be a sign of weakness.

The minor range is 15273.75 to 15777.00. Its 50% level or pivot at 15516.25 is the nearest support.

The second minor range is 14585.50 to 15777.00. If the main trend changes to down then its 50% level at 15172.25 will become the primary downside target.

Short-Term Outlook

The direction of the December E-mini NASDAQ-100 Index into the close will likely be determined by trader reaction to 15587.25.

Bullish Scenario

A sustained move over 15587.25 will indicate the presence of buyers. Holding above the former main top will be another strong signal. Taking out the intraday high at 15777.00 will reaffirm the uptrend and could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 15587.25 will signal the presence of sellers. This could drive the market into the pivot at 15516.25.

Buyers could come in on the first test of 15516.25, but if it fails then look for a possible acceleration to the downside with 15273.75 the next target.