FXEMPIRE
All

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Rangebound for Three Weeks, Look for Heightened Volatility

There is no short-term trigger point in the market for an immediate acceleration in either direction. This week, buyers and sellers are going to have to work to drive the market to levels that could trigger breakouts.
James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

The E-Mini NASDAQ-100 Index futures contract closed higher last week, outperforming the E-Mini S&P 500 Index and the E-Mini Dow Jones Industrial Average futures contracts. The index of technology stocks was primarily driven higher by strong performances by Apple and Amazon.

For the week, December E-Mini NASDAQ-100 Index futures settled at 7655.25, up 104.75 or 1.39%.

Weekly December E-mini NASDAQ-100 Index

Weekly Technical Analysis

The main trend is up according to the weekly swing chart. A trade through 7723.50 will signal a resumption of the uptrend after four weeks of consolidation. The main trend will change to down on a trade through 7193.50.

The short-term range is 7193.50 to 7723.50. Its 50% level or pivot at 7458.50 is support. This level has held for four weeks.

The intermediate range is 6986.50 to 7723.50. Its retracement zone at 7355.00 to 7268.00 is the next downside target. Since the main trend is up, buyers are likely to come in on a test of this zone.

The main range is 6399.75 to 7723.50. Its retracement zone at 7061.50 to 6905.50 is the primary downside target.

Weekly December E-mini NASDAQ-100 Index. (Close-Up)

Weekly Technical Forecast

There is no short-term trigger point in the market for an immediate acceleration in either direction. This week, buyers and sellers are going to have to work to drive the market to levels that could trigger breakouts.

Bullish Scenario

Based on last week’s close at 7655.50, if the upside momentum continues early in the week then look for buyers to make a run at the all-time high at 7723.50. This is followed by a steep uptrending Gann angle at 7882.50.

Overtaking 7882.50 will indicate the buying is getting stronger. If this generates enough upside momentum then look for a possible drive into 8063.75. Crossing to the strong side of this angle will put the index in an extremely bullish position.

Bearish Scenario

The first two downside targets are 7458.50 and an uptrending Gann angle at 7434.50. This is followed by another 50% level at 7355.00.

The selling pressure could extend under 7355.00 with the next target a Fibonacci level at 7268.00, followed by a long-term uptrending Gann angle at 7231.75.

The weekly chart begins to open up to the downside under 7231.75 with the main bottom at 7193.50 the next target.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US