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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are in a position to close higher for the day and week late in the session on Friday. Unlike the Dow and the S&P 500, the technology index did close lower on Wednesday as traders reacted to some negative news about the U.S-China trade deal. However, the index quickly recovered on Thursday by posting a new record high after the U.S. and China agreed to slowly reduce tariffs.

At 21:00 GMT, December E-mini NASDAQ-100 Index futures are at 8263.25, up 32.75 or +0.41%.

The market is also posting an inside day on Friday, which suggests investor indecision and impending volatility.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 8282.25 will signal a resumption of the uptrend. The nearest two-day or swing bottom is 7583.25. A trade through this level will change the main trend to down.

The market is in no position to change the main trend to down, but due to the prolonged move up in terms of price and time, it is inside the window of time for a potentially bearish closing price reversal top. This chart pattern won’t change the trend, but it will indicate the selling is greater than the buying at current price levels.

The minor trend is also up. A trade through 8161.00 will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 8161.00 to 8282.25. Its 50% level or pivot at 8221.50 is acting like support on Friday. Holding above this level is helping to generate an upside bias.

The second minor range is 8020.50 to 8282.25. Its 50% level or pivot at 8151.25 is additional support.


Daily Technical Forecast

Holding above 8221.50 will put the index in a strong position into the close. If this move can create enough upside momentum then look for a move into the high of the week at 8282.25, followed closely by an uptrending Gann angle at 8306.25.

Overcoming 8306.25 and sustaining the move above the Gann angle will put the December E-mini NASDAQ-100 Index in a bullish position.

A failure to hold 8221.50 into the close will indicate the presence of sellers. This could trigger a late session break into the minor bottom at 8161.00, followed by the second minor pivot at 8151.25.

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