December E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market opening. The early upside momentum suggests buyers are going to
December E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market opening. The early upside momentum suggests buyers are going to make a run at the recent top at 6018.25, followed by the contract high at 6025.75.
The main trend is down according to the daily swing chart, however, momentum is trending higher.
Daily December E-mini NASDAQ-100 Index
The key upside targets today come in at 5998.25, 6002.00 and 6008.25. The latter is the last potential resistance angle before the 6018.25 main top.
The inability to sustain a rally over 5998.25 will indicate the selling is greater than the buying at current price levels.
The first downside target angle comes in at 5978.25. The daily chart opens up to the downside under this angle so be prepared for a possible acceleration.
The next major uptrending angle comes in at 5922.00 today.
The angle at 5998.25 is likely to act like a pivot today.
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.