Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are in a position to close sharply higher on Tuesday as investing Americans took to the polls in one of the country’s most turbulent presidential elections. The price action suggests that investors bet the election would be clean and not a drawn-out process with challenges and recounts. This clarity would then lead to a swift deal on more fiscal stimulus

At 20:52 GMT, December E-mini NASDAQ-100 Index futures are trading 11231.25, up 168.00 or +1.52%.

Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

Democrat Joe Biden’s lead over Republican President Donald Trump in national opinion polls has raised expectations for a decisive outcome and a post-election stimulus package that would make good on Biden’s promises of infrastructure spending.

Volatility has also been sucked out of the market this week with the CBOE Volatility Index hitting a one-week low after reaching a 4-1/2 month high last week.

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 shifted to the upside following yesterday’s closing price reversal bottom and Tuesday’s subsequent confirmation.

A trade through 10942.25 will negate the chart pattern, while a move through 10660.25 will reaffirm the downtrend.

The main trend will change to up on a trade through the nearest main top at 12249.00. This is highly unlikely, but there is room for a normal 50% to 61.8% retracement of the current break.

The minor trend is down. A trade through 12022.00 will change the minor trend to up. This will confirm the shift in momentum.

The main range is 9390.50 to 12444.75. Its retracement zone at 10917.50 to 10557.25 is major support.

The short-term range is 12249.00 to 10942.25. Its retracement zone at 11595.75 to 11750.00 is the primary upside target.


Short-Term Outlook

Tuesday’s rally was impressive, but all it really confirmed is the support zone at 10917.50 to 10557.25. If the upside momentum continues, however, we could see the move extend into the short-term retracement zone at 11595.75 to 11750.00.

A test of 11595.75 to 11750.00 will be decision time for investors. Since the main trend is down, sellers could come in on a test of this area. They are going to try to form a potentially bearish secondary lower top.

Bullish counter-trend traders, on the other hand, will try to drive the market through the short-term Fibonacci level at 11750.00. This will make 10942.25 a new main bottom.

A drive through 11750.00 will also set up a challenge of the two main tops at 12249.00 and 12444.75.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.