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

December E-mini NASDAQ-100 Index futures are trading slightly higher at the mid-session but struggling to hold on to earlier gains. So far today, we’ve been looking at an inside move which suggests investor indecision and impending volatility. Investors seem to be cautious about buying due to the fear of a late session collapse like we saw yesterday. If it happens again today, then it would have the appearance of a sell-fulfilling prophecy.

At 1636 GMT, December E-mini NASDAQ-100 Index futures are trading 6761.75, up 25.50 or +0.38%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 6580.50 will signal a resumption of the downtrend with the April 25 bottom at 6493.00 the next downside target.

The minor trend is also down. A trade through 6991.50 will change the minor trend to up. This will also shift momentum to the upside.

Retracement level support comes in at 6626.00.

Retracement level resistance is at 6839.80, followed by 6877.75. The resistance levels begin to expand over this level with the next two targets 6974.50 and 7067.50.


Daily Technical Forecast

Based on the early price action, the direction of the December E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the uptrending Gann angle at 6752.00. The market has been straddling this angle all session.

A sustained move over 6752.00 will indicate the presence of buyers. If this generates enough upside momentum then look for the rally to extend into 6839.80, followed by 6877.75. The latter is a potential trigger point for an acceleration into 6974.50 and 6991.50.

A sustained move under 6752.00 will signal the presence of sellers. This could trigger a steep break into the Fibonacci level at 6926.00, followed by yesterday’s low at 6580.50. If sellers take out the low then look for the move to extend into 6493.00.

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