E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Reaction to 15378.75 Pivot Sets the Tone

December E-mini NASDAQ-100 Index futures are inching higher during the pre-market session on Monday after recovering from early weakness. Investors are trying to recapture the upside momentum that was lost on Friday.

Volume is light and the trade tentative as investors prepare for a slew of earnings reports from some of the biggest technology companies this week, including Facebook, Alphabet, Microsoft, Amazon and Apple.

At 03:53 GMT, December E-mini NASDAQ-100 Index futures are trading 15353.00, up 12.00 or +0.08%. Last week, the tech-driven index posted at 1.35% gain. It’s also up 4.4% month-to-date.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower.

A trade through 15483.75 will signal a resumption of the uptrend. The main trend will change to down on a trade through 14585.50.

The minor trend is down. This is controlling the momentum. A trade through 15273.75 will indicate the minor selling pressure is getting stronger.

The minor range is 15483.75 to 15273.75. Its 50% level or pivot comes in at 15378.75.

On the downside, potential retracement level support comes in at 15192.50, 15035.00 and 14928.50.

Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index futures contract on Monday is likely to be determined by trader reaction to 15378.75.

Bearish Scenario

A sustained move under 15378.75 will indicate the presence of sellers. The first downside target is 15273.75. Taking out this level could trigger a break into 15192.50.

Since the main trend is up, buyers are likely to come in on the first test of 15192.50. If it fails as support, we could see an acceleration into 15035 to 14928.50.

Bullish Scenario

Overtaking 15378.75 and sustaining the rally could trigger a surge into 15483.75.

Aggressive counter-trend traders could come in on the first test of 15483.75. If strong buyers can overtake this level then look for an acceleration to the upside with the September 7 main top at 15702.25 the next likely target price.