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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading higher shortly after the opening on Wednesday after recovering from steep overnight losses fueled by uncertainty after a messy debate between Republican candidate Donald Trump and Democratic rival Joe Biden.

Traders are crediting the turnaround in the market on rising hopes for further fiscal stimulus after Treasury Secretary Steven Mnuchin struck an optimistic tone about reaching a coronavirus aid deal on Wednesday after the stalemate in Washington dragged on for weeks.

At 13:57 GMT, December E-mini NASDAQ-100 Index futures are trading 11415.75, up 95.75 or +0.85%.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 11448.75 will signal a resumption of the uptrend. A trade through 10656.50 will change the main trend to down.

The main range is 12444.75 to 10656.50. Its retracement zone at 11550.75 to 11761.75 is the primary upside target.

The minor range is 10656.50 to 11448.75. Its 50% level at 11052.50 is a downside target and potential support.

The main retracement zone is 10917.50 to 10557.25.


Daily Swing Chart Technical Forecast

The rapid turnaround in the index indicates that the direction the rest of the session is likely to be determined by trader reaction to yesterday’s close at 11337.75.

Bullish Scenario

A sustained move over 11337.75 will indicate the presence of buyers. If this move generates enough upside momentum then look for buyers to take a run at the new minor top at 11448.75. Taking out this level will increase the upside momentum while making today’s intraday low at 11167.00 a new minor bottom.

The next upside target is the main top at 11539.00. Overtaking this level will reaffirm the uptrend. This should lead to a test of the retracement zone at 11550.75 to 11761.75. This zone is controlling the near-term direction of the index.

Bearish Scenario

A sustained move under 11337.57 will signal the presence of sellers. This could lead to a rest of the intraday low at 11167.00. Taking out this level is likely to lead to increased downside momentum with the next targets a minor 50% level at 11052.50, followed closely by the main 50% level at 10917.50.

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

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