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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading lower shortly after the mid-session on Friday. Technology shares once again failed to gain traction, setting up the index for a third straight weekly loss.

As far as the components are concerned, shares of Apple dropped more than 3%. Microsoft and Alphabet pulled back by more than 1% along with Amazon. Netflix slipped 0.5%. Facebook was flat.

Oracle, meanwhile, slipped 0.7% after the U.S. government said it will block all TikTok and WeChat downloads in the country on Sunday. Oracle is trying to take a minority stake in TikTok-parent ByteDance.

At 18:21 GMT, December E-mini NASDAQ-0100 Index futures are trading 10831.00, down 244.25 or -2.21%.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. It changed to down on Thursday when sellers took out the previous swing bottom at 10924.00. A trade through 11539.00 will change the main trend to up.

A series of 50% levels could produce choppy trading conditions over the near-term.

On the upside, potential resistance comes in at 10917.75 and 11088.00.

On the downside, potential support is layered at 10822.25, 10637.00, 10513.25 and 10428.75.

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Short-Term Outlook

Trading between 11088.00 and 10428.75 could lead to a choppy, two-sided trade over the near-term.

The trigger point for a potential acceleration to the upside is 11088.00.

On the downside, taking out 10428.75 could trigger an acceleration to the downside.

Side Notes

Tech and momentum stocks are under pressure and could face even more volatility as we near the close as options on individual stocks, ETFs and indexes expire Friday.

For a look at all of today’s economic events, check out our economic calendar.

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