E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trader Reaction to 16352.25 Sets Late Session Tone

December E-mini NASDAQ-100 Index futures are trading mixed at the mid-session on Monday with some investor capital flowing out of tech sector stocks and into cyclical companies after Congress approved an infrastructure spending package over the weekend. Industrials and materials are performing better than the tech heavyweights with those names set to benefit from the spending package.

At 19:31 GMT, December E-mini NASDAQ-100 Index futures are trading 16348.75, down 3.00 or -0.02%

Chip maker Advanced Micro Devices led gainers on the NASDAQ Composite. AMD rallied more than 9% after the company announced it won Meta, formerly known as Facebook, as a chip customer and revealed new chip products.

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 15273.75 will change the main trend to down.

The first minor range is 16448.50 to 16256.00. The index is currently testing its pivot at 16352.25.

The second minor range is 15273.75 to 16448.50. Its 50% level at 15861.00 is the next downside target.

Daily Swing Chart Technical Forecast

The direction of December E-mini NASDAQ-100 Index futures into the close on Monday is likely to be determined by trader reaction to 16352.25.

Bullish Scenario

A sustained move over 16352.25 will indicate the presence of buyers. If this move creates enough upside momentum then look for a surge into 16448.50. Taking out this level will signal a resumption of the uptrend and could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 16352.25 will signal the presence of sellers. This could trigger the start of an acceleration to the downside with 15861.00 the next potential target price.