E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strong Upside Momentum as Long as 7607.75 to 7572.00 Holds

The tech-based December E-mini NASDAQ-100 Index futures contract closed higher on Thursday, boosted by solid performances in shares of Apple and Amazon. The rally was strong enough to take out yesterday’s closing price reversal top, putting the index in a position to challenge the all-time high at 7723.50.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. Now that the index has cleared the last two main tops at 7627.00 and 7637.50, there is no resistance until 7723.50.

The main trend will change to down if the selling is strong enough to take out 7422.25 and 7420.50.

The short-term range is 7723.50 to 7420.50. Its retracement zone is 7572.00 to 7607.75. Holding above this zone is helping to generate the upside bias, making the retracement zone new support.

The main range is 7193.50 to 7723.50. Its retracement zone at 7458.50 to 7396.00 is the major support. This zone stopped the selling on September 7 at 7420.50 and on September 18 at 7422.25.

Daily Swing Chart Technical Forecast

Momentum is driving this market higher. If it continues on Friday then look for the December E-mini NASDAQ-100 Index to make a run at 7723.50.

The first support is the short-term Fibonacci level at 7607.75. We could see a technical bounce on the first test of this level. If it fails then look for the selling to extend into the 50% level at 7572.00. Once again, since the trend is up, buyers could come in on a test of this level.

Look out to the downside if 7572.00 fails as support. If this move creates enough downside momentum then look for a potential acceleration into the minor bottom at 7473.75, followed by the major support zone at 7458.50 to 7396.00.