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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The index is also outperforming the S&P 500 Index and the Dow Jones Industrial Average. The rally isn’t being driven by earnings reports, but rather the hope of a short-term trade deal between the United States and China. This is because chipmaker shares will be positively affected by a trade agreement. After the close, Texas Instruments and Chipotle Mexican Grill are scheduled to report.

At 14:13 GMT, December E-mini NASDAQ-100 Index futures are trading 7961.50, up 13.25 or +0.16%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7994.75 will signal a resumption of the uptrend after a three-day setback.

The minor trend is also up. A move through 7835.75 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 7583.25 to 7994.75. Its 50% level at 7789.00 is potential support.


Daily Technical Forecast

Based on the early price action and the current price at 7961.50, the direction of the December E-mini NASDAQ-100 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 7945.00.

Bullish Scenario

A sustained move over 7945.00 will indicate the presence of buyers. If this is able to generate enough upside momentum then look for a test of 7994.75, followed by the next main top at 8002.50. This is a potential trigger point for an acceleration to the upside with the July 24 main top at 8071.75 the next likely upside target.

Bearish Scenario

A failure to hold 7945.00 will signal the presence of sellers. This could trigger a sharp break into the uptrending Gann angle at 7890.25. Look for buyers on the first test of this angle.

Taking out 7890.25 will indicate the selling is getting stronger with the next target the minor bottom at 7835.75. The minor trend will change to down on a trade through this level with the short-term pivot at 7789.00 the next target.

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