E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Needs to Hold 14686.00 to Generate Upside Momentum

December E-mini NASDAQ-100 Index futures are trading slightly lower shortly before the cash market opening. Earlier in the session, momentum shifted to the upside when buyers confirmed Friday’s closing price reversal bottom. The chart pattern doesn’t indicate a change in trend, but it could trigger the start of a 2 to 3 day counter-trend rally.

At 12:59 GMT, December E-mini NASDAQ-100 Index futures are trading 14723.25, down 38.50 or -0.26%.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum shifted to the upside when buyers confirmed Friday’s closing price reversal bottom.

A trade through 14537.00 will negate the closing price reversal bottom and signal a resumption of the downtrend. A move through 15399.25 will change the main trend to up.

The main range is 12915 to 15702.25. Its retracement zone at 14308.50 to 13979.75 is major support and a value zone. Look for counter-trend buyers on a test of this zone.

The minor range is 15399.25 to 14537.00. Its 50% level or pivot at 14968.25 is the first upside target. Since the main trend is down, sellers could come in on the first test of this level.

The short-term range is 15702.25 to 14537.00. Its retracement zone at 15119.75 to 15257.25 is another target zone and potential resistance.

Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to 14686.00.

Bearish Scenario

A sustained move under 14686.00 will indicate the presence of sellers. This could trigger a break into 14537.00. Taking out this level will extend the selling into the main bottom at 14437.00, followed by the major retracement zone at 14308.50 to 13979.75.

The retracement zone at 14308.50 to 13979.75 is a value area. Look for investors to show up on a test of this zone.

Bullish Scenario

A sustained move over 14686.00 will signal the presence of buyers. Taking out 14835.00 will indicate the buying is getting stronger. This could trigger an acceleration into 14968.25.

Look for sellers on the first test of 14968.25. Overcoming this level could trigger an acceleration to the upside with 15119.75 to 15257.25 the next likely upside target.