E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Nearest Upside Breakout Price is 14883.50

December E-mini NASDAQ-100 Index surged on Tuesday, as Microsoft and Apple spearheaded a rebound in growth stocks and investors awaited monthly payrolls data later in the week that could influence the Fed’s decision on when to scale back massive monetary stimulus.

At 19:55 GMT, December E-mini NASDAQ-100 Index futures are trading 14667.25, up 205.00 or 1.42%.

Apple, Microsoft, Amazon and Alphabet, Wall Street’s most valuable companies, each jumped more than 2% following a selloff in growth stocks the day before. Facebook Inc rose 2.2% the day after it took a beating when its app and its photo-sharing platform Instagram went offline for hours before being restored late in the evening.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 14367.75 will signal a resumption of the downtrend. The main trend will change to up on a move through 15399.25.

The minor trend is also down. A trade through 14835.00 will change the minor trend to up. This will shift momentum to the upside.

The main range is 12915 to 15702.25. Its retracement zone at 14308.50 to 13979.75 is major support and a value area.

The minor range is 15399.25 to 14367.75. Its 50% level or pivot at 14883.50 is the first potential upside target.

The short-term range is 15702.25 to 14367.75. Its retracement zone at 15035.00 to 15192.50 is the primary upside target. This is also the last potential resistance area before the 15399.25 main top.

Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index into the close on Tuesday is likely to be determined by trader reaction to 14601.50.

Bullish Scenario

A sustained move over 14601.50 will indicate the presence of buyers. If this move triggers enough late session momentum then look for a surge into 14883.50. Look for sellers on the first test.

If buyers can overcome 14883.50 then look for the rally to possibly extend into 15035.00 to 15192.50.

Bearish Scenario

A sustained move under 14601.50 will signal the presence of sellers. The first downside target is 14561.25, followed by 14367.75 and 14308.50.