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James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are called lower based on the pre-market trade. There is no economic news or major reports today so traders are saying the profit-taking and position-squaring ahead of Friday’s U.S. Non-Farm Payrolls report could be controlling the price action.

At 1219 GMT, December E-mini NASDAQ-100 Index futures are trading 7659.25, down 16.25 or -0.21%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed on Monday when took out 7723.50 on its way to a new all-time high at 7728.75. The main trend will change to down on a trade through 7422.25.

The minor trend is also up. Today’s early price action has helped form a new minor top at 7728.75. A trade through 7473.75 will change the minor trend to down and shift momentum to the downside.

The short-term range is 7422.25 to 7728.75. If the selling pressure continues then look for a move into its retracement zone at 7575.50 to 7539.25. Since the main trend is up, buyers are likely to come in on a test of this area.

The major support zone is 7458.50 to 7396.00. This zone stopped the selling on September 7 at 7420.50 and on September 18 at 7422.25.


Daily Technical Forecast

Based on the current price at 7659.25 there is no nearly trigger point.

If the rally resumes then look for buyers to attempt another move over 7728.75. Overtaking the steep uptrending Gann angle at 7742.25 will put the December E-mini NASDAQ-100 Index in an extremely bullish position.

If the selling pressure continues then look for a move into the uptrending Gann angle at 7582.25. This is followed by the retracement zone at 7575.50 to 7539.25. Buyers could show up on a test of this zone.

If 7539.25 fails then look for the selling to extend into an uptrending Gann angle at 7502.25.

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