FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
95,484,666Confirmed
2,039,695Deaths
68,189,961Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading lower late Tuesday as excitement over signs of a first successful late-stage coronavirus vaccine faded, while investors continued to reduce their exposure to some Big Tech companies that have benefited most from the pandemic.

The tech, communication services and consumer discretionary indexes dropped sharply as investors moved to sectors expected to benefit from a full reopening of the economy, such as energy, industrials and materials.

Advertisement
Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

At 20:40 GMT, December E-mini NASDAQ-100 Index futures are at 11624.25, down 196.25 or -1.66%.

Amazon.com Inc, Facebook Inc and Microsoft Corp, which have boomed during this year’s work-from-home shift and powered Wall Street to new highs, extended Monday’s losses and pulled the tech-heavy NASDAQ down about 1.3%.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum shifted to the downside with the formation of a closing price reversal top on Monday and the subsequent confirmation of the bearish chart pattern earlier today.

A trade through 12408.75 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend will change to down on a move through 10942.25.

The minor range is 10942.25 to 12408.75. Its retracement zone at 11675.50 to 11502.50 is currently being tested. Trader reaction to this area should determine the short-term direction of the index.

On Tuesday, the index hit a low of 11503.25, slightly above the Fibonacci level at 11502.50.

The short-term range is 9390.50 to 12444.75. Its retracement zone at 10917.50 to 10557.25 is major support. This zone stopped the selling at 10942.25 on November 2 and at 10660.25 on September 24.

Advertisement

Short-Term Outlook

The near-term direction of the December E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the short-term 50% level at 11675.50 and the short-term Fibonacci level at 11502.50. The market is currently trading inside this zone.

Counter-trend traders are trying to increase the selling pressure, while buyers are looking for value with some trying to defend the uptrend.

The daily chart indicates there is plenty of room under 11502.50. This makes this level a trigger point for a potential acceleration to the downside.

Overtaking 11675.50 could trigger a rally into 11956.00. This is the last potential resistance level before the all-time high at 12408.75.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
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