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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Key Uptrending Support Angle at 8477.25 on Monday

Based on the early price action and the current price at 8608.75, the direction of the March E-mini NASDAQ-100 Index futures contract into the close on Monday is likely to be determined by trader reaction to Friday’s close at 8521.00.
James Hyerczyk
E-mini NASDAQ-100 Index

March E-mini NASDAQ-100 Index futures are trading higher late in the session on Monday after the NASDAQ Composite opened at a record high earlier in the session. The catalyst behind the rally was upbeat data from China and a cooling of U.S.-China trade tensions.

Tech shares rose more than 1%, led by a 4.2% jump in Micron Technology and a 4.4% gain in Western Digital. Sentiment was also lifted by strong economic data out of China. Chinese industrial production rose 6.2% in November on a year-over-year basis, topping expectations. Retail sales in China also jumped 8% last month.

At 20:15 GMT, March E-mini NASDAQ-100 Index futures are trading 8608.75, up 87.75 or 1.03%.

Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session when buyers took out Friday’s high at 8549.00. There is no upside target at this time since the market is at an all-time high.

The main trend will change to down on a trade through the last main bottom at 8189.25. This is not likely today. However, the index is up nine sessions from its last main bottom which puts it in the window of time for a potentially bearish closing price reversal top.

The chart pattern won’t signal a change in trend, but if formed and confirmed, it will indicate the selling is greater than the buying at current price levels. This could lead to the start of a 2 to 3 day correction, which is normal.

The minor trend is also up. A trade through 8319.50 will change the minor trend to down. This will also shift momentum to the downside.

Daily Technical Forecast

Based on the early price action and the current price at 8608.75, the direction of the March E-mini NASDAQ-100 Index futures contract into the close on Monday is likely to be determined by trader reaction to Friday’s close at 8521.00.

Bullish Scenario

A sustained move over 8521.00 will indicate the presence of buyers. If this creates enough upside momentum into the close then look for buyers to make a run into the intraday high at 8617.50.

Bearish Scenario

A sustained move under 8521.00 will signal the presence of sellers. This will put the index in a position to post a daily closing price reversal top. The first intraday target is an uptrending Gann angle at 8477.25.

Look for buyers on the first test of 8477.25. If this angle fails to stop the selling then watch for an acceleration to the downside with the next target angle coming in at 8333.25.

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