E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trend Changes to Up on Trade Through 15001.25
December E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening on Wednesday. Technology stocks are being boosted by a mostly positive outlook for earnings and better-than-expected economic data.
Data showed the number of Americans filing new claims for unemployment benefits fell close to a 19-month low last week, while a separate report showed producer prices accelerated 8.6% in the 12 months through September.
At 14:43 GMT, December E-mini NASDAQ-100 Index futures are trading 14974.00, up 209.75 or +1.42%.
Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through 15001.25 will change the main trend to up. A move through 14585.50 will signal a resumption of the downtrend.
The minor range is 14367.75 to 15001.25. Its retracement zone at 14684.50 to 14609.75 is support.
The short-term range is 15399.25 to 14367.75. The index is currently trading on the strong side of its pivot at 14883.50, making it new support.
The main range is 15702.25 to 14367.75. Its retracement zone at 15035.00 to 15192.50 is the primary upside target.
Daily Swing Chart Technical Forecast
The direction of the December E-mini NASDAQ-100 Index into the close on Thursday is likely to be determined by trader reaction to 14883.50.
A sustained move over 14883.50 will indicate the presence of buyers. If this generates enough upside momentum then look for the rally to possibly extend into the main top at 15001.25, followed by the 50% level at 15035.00.
Taking out 15035.00 will indicate the buying is getting stronger. This could create the momentum needed to challenge the Fibonacci level at 15192.50.
A sustained move under 14883.50 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into 14684.50 to 14609.75, followed by the main bottom at 14585.50.
Sellers could come in on the first test of 15035.00 to 15192.50 since this is the last potential resistance zone before the main tops at 15399.25 and 15702.25.