E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Holding Above 8328.25 Could Trigger Breakout Over 8379.00

December E-mini NASDAQ-100 Index futures are trading higher late Monday. Earlier in the session, the cash market NASDAQ Composite hit a record high, the e-mini futures contract rally fell just short of its all-time high, but is hovering just below it.

A more optimistic view of a U.S.-China trade deal helped to underpin the market early. The index was pushed further higher by strong gains in tech sector stocks. Nvidia led the sector higher with a 4.5% gain. Apple shares rose by 1.2% and Amazon traded 1.5% higher.

At 19:04 GMT, December E-mini NASDAQ-100 Index futures are at 8364.50, up 84.00 or +1.01%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 8379.00 will signal a resumption of the uptrend. A trade through 8216.25 will change the main trend to down.

The minor trend is also up. A trade through 8231.00 will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 8379.00 to 8231.00. Its 50% level at 8297.50 is support.

The second minor range is 8161.00 to 8379.00. Its 50% level at 8270.00 is additional support.

Daily Technical Forecast

Based on the early price action and the current price at 8364.50, the direction of the December E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the uptrending Gann angle at 8328.25.

Bullish Scenario

A sustained move over 8328.25 will indicate the presence of buyers. If this move can generate enough upside momentum then look for a test of 8379.00. This is a potential trigger point for an acceleration to the upside. There is no visible resistance over 8379.00.

Bearish Scenario

A sustained move over 8328.25 will signal the presence of sellers. This could create a labored break with potential support levels lined up at 8297.50, 8272.25, 8270.00 and 8244.25.