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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are expected to open higher on Wednesday, following a report from Bloomberg that said the United States and China were edging closer to a trade deal. The report, which cited people familiar with the talks, said the two countries were moving closer to agreeing on the amount of tariffs that would be rolled back in a so-called phase-one trade deal.

At 12:47 GMT, December E-mini NASDAQ-100 Index futures are trading 8304.75, up 53.50 or +0.64%.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down on Tuesday when sellers took out the previous main bottom at 8216.25. A move through 8168.25 will signal a resumption of the downtrend. The main trend will change to up on a move through the record high at 8458.75.

The short-term range is 8458.75 to 8168.25. Its retracement zone at 8313.50 to 8347.75 is the first upside target. This area is very important. Since the main trend is down, sellers may come in on a test of this zone. They are going to try to form a secondary lower top. Buyers are going to try to take out this zone in an effort to make 8168.25 a new main bottom.

The intermediate range is 7810.25 to 8458.75. Its retracement zone at 8134.50 to 8058.00 is a potential support zone.

The main range is 7474.25 to 8458.75. Its retracement zone at 7966.50 to 7850.25 is the major support and value zone.


Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 8304.75, the direction of the December E-mini NASDAQ-100 Index on Wednesday is likely to be determined by trader reaction to the short-term 50% level at 8313.50.

Bearish Scenario

A sustained move under 8313.50 will indicate the presence of sellers. If this move creates enough downside momentum then look for a potential retest of yesterday’s low at 8168.25. This is followed by the minor bottom at 8161.00 and the intermediate retracement zone at 8134.50 to 8058.00. Watch for a technical bounce on the first test of this zone.

Bullish Scenario

A sustained move over 8313.50 will signal the return of buyers. This could lead to a test of the short-term Fibonacci level at 8348.00.

Overtaking 8348.00 will indicate the buying is getting stronger. This may fuel a surge to the upside with the next major target 8458.75.

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