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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading higher at the mid-session after clawing back earlier losses. There is no clear trend in today’s session. Traders have been primarily reacting to the headlines. After an early session rally, the index fell to its low for the session following the release of weaker-than-expected manufacturing data from the Euro Zone, which raised concerns over the weakening global economy. The index recovered enough to turn higher for the session after a U.S. manufacturing report came in better-than-expected.

At 16:52, GMT, December E-mini NASDAQ-100 Index futures are trading 7852.25, up 21.50 or +0.27%.

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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 is trending lower. A trade through 7798.25 will change the main trend to down. A move through 7973.75 and 8002.50 will signal a resumption of the uptrend.

The minor trend is down. This move turned momentum lower.

The minor range is 7764.00 to 8002.50. Its 50% level or pivot at 7883.25 is controlling the near-term direction of the index.

The main range is 7390.00 to 8002.50. If the main trend changes to down then look for a test of its retracement zone at 7696.25 to 7624.00.


Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 7852.25, the direction of the December E-mini NASDAQ-100 Index the rest of the session on Monday is likely to be determined by trader reaction to the pivot at 7883.25.

Bearish Scenario

A sustained move under 7883.25 will indicate the presence of sellers. If this move creates enough downside momentum then look for a test of the first main bottom at 7798.25. If this fails then look for the selling to extend into the next main bottom at 7764.00. This is a potential trigger point for an acceleration into the main 50% level at 7696.25.

Bullish Scenario

Overtaking and sustaining a rally over 7883.25 will signal the presence of buyers. If this creates enough upside momentum then look for buyers to possibly make a run at the main tops at 7973.75 and 8002.50.

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