E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 16172.50, Weakens Under 16146.50

December E-mini NASDAQ-100 Index futures are inching higher early Thursday after Nvidia Corp forecast fourth-quarter revenue above analysts’ expectations after the close on Wednesday. Buyers are betting on growth in its data center business as more internet companies set out to invest in artificial intelligence and the metaverse.

At 06:35 GMT, December E-mini NASDAQ-100 Index futures are trading 16351.25, up 39.75 or +0.24%.

In stock related news on Wednesday, Moderna Inc settled up 3.39% and Tesla Inc was up 3.25%. Traders continued to punish Peloton Interactive with the stock falling 6.78%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 16448.50 will signal a resumption of the uptrend. A move through 15896.50 will change the main trend to down.

The minor range is 16448.50 to 15896.50. The index is currently trading on the strong side of its pivot at 16172.50, making it support. A second support pivot comes in at 15861.00.

Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index on Thursday will be determined by trader reaction to 16172.50.

Bullish Scenario

A sustained move over 16172.50 will indicate the presence of buyers. Taking out 16396.50 will indicate the buying is getting stronger with 16448.50 the next target. This price is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 16172.50 will signal the presence of sellers. This is followed by a new pivot at 16146.50.

Taking out the new pivot at 16146.50 could trigger a sharp break into the main bottom at 15896.50, followed by a 50% level at 15861.00.