E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trend Changes to Down on Trade Through 8216.25

Based on Thursday’s price action and the current price at 8287.00, the direction of the December E-mini NASDAQ-100 futures contract into the close is likely to be determined by trader reaction to the 50% level at 8297.75 and the uptrending Gann angle at 8256.25.
James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading slightly lower shortly before the close. The market has clawed back early losses and is now in a position to turn higher for the session. The index is also trading inside yesterday’s range, which indicates investor indecision and impending volatility.

Mixed headlines are causing investor uncertainty. On Wednesday, the headlines were saying U.S.-China trade negotiations has hit a snag over the rollback of tariffs. Some were predicting the trade deal would be delayed until early next year.

The early selling stopped and the index began to climb shortly before the cash market opening after news broke that China had invited U.S. negotiators to Beijing to reopen negotiations.

At 19:40 GMT, December E-mini NASDAQ-100 Index futures are trading 8287.00, down 4.75 or -0.05%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 8379.00 will signal a resumption of the uptrend. The main trend will change to down on a trade through the last swing bottom at 8216.25.

The first minor range is 8216.25 to 8379.00. Its pivot at 8297.75 is providing resistance on Thursday.

The second minor range is 8161.00 to 8379.00. Its pivot at 8270.00 has been straddled most of the session.

The third minor range is 8020.50 to 8379.00. Its 50% level at 8199.75 is potential support.

The fourth minor range is 7810.25 to 8379.00. Its 50% level at 8094.50 is another potential support level.

Daily Technical Forecast

The trading range is tight on Thursday with a pair of uptrending Gann angles and 50% levels controlling the price action.

Based on Thursday’s price action and the current price at 8287.00, the direction of the December E-mini NASDAQ-100 futures contract into the close is likely to be determined by trader reaction to the 50% level at 8297.75 and the uptrending Gann angle at 8256.25.

Bullish Scenario

A sustained move over 8297.75 will indicate the presence of buyers. This could trigger a late session breakout to the upside.

Bearish Scenario

A sustained move under 8256.25 will signal the presence of sellers. This is a potential trigger point for a late session break into the main bottom at 8216.25 and the pivot at 8199.75.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US