The rally by the December E-mini NASDAQ-100 Index futures contract on Monday made 3684.00 a new main bottom. The main range is 4118.75 to 3684.00. This
The rally by the December E-mini NASDAQ-100 Index futures contract on Monday made 3684.00 a new main bottom. The main range is 4118.75 to 3684.00. This makes its retracement zone at 3901.50 to 3953.00 the next likely upside target.
Daily December E-mini NASDAQ-100 Index
Since the main trend is down, sellers are likely to come in to defend the trend when this area is tested. Watch for selling on the initial test of the 50% level at 3901.50.
The pivot angle to watch is moving up at a pace of 64 points per day from the 3684.00 bottom at 3876.00. The market closed at 3866.00, slightly below this angle, making it the first level that has to be overcome.
If the buying isn’t strong enough to overtake 3866.00 then sellers could come in early to drive the market back into another uptrending angle from the 3684.00 bottom at 3780.00.
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.
