E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trend Changes to Down on Trade Through 7764.00

Based on the early price action and the current price at 7864.50, 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 an uptrending Gann angle at 7838.00.
James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are expected to open under pressure based on the pre-market trade after gapping lower on the opening. The catalyst behind the move is escalating tensions in the Middle East and a sharp rise in crude oil prices. The selling is being fueled by concerns that higher oil prices will have a negative impact on an already fragile economy.

At 12:34 GMT, December E-mini NASDAQ-100 Index futures are trading 7864.50, down 43.75 or -0.56%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7764.00 will change the main trend to down. A move through 8002.50 will signal a resumption of the uptrend.

The short-term range is 7764.00 to 8002.50. Its 50% level or pivot at 7883.25 is early resistance.

The main range is 7390.00 to 8002.50. Its retracement zone at 7696.25 to 7624.00 is the next target area.

Daily Technical Forecast

Based on the early price action and the current price at 7864.50, 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 an uptrending Gann angle at 7838.00.

Bullish Scenario

A sustained move over 7838.00 will indicate the presence of buyers. This could trigger a quick rally into a downtrending Gann angle at 7874.50, followed closely by the short-term pivot at 7883.25.

Taking out 7883.25 could trigger an acceleration to the upside with the next target angle coming in at 7938.50.

Bearish Scenario

A sustained move under 7838.00 will signal the presence of sellers. The daily chart is wide open to the downside under this angle with 7764.00 the next target.

Taking out 7764.00 will change the main trend to down. This could trigger an acceleration into the main retracement zone at 7696.25 to 7624.00.

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