E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Up but Traders Struggling with Low Volume

December E-mini NASDAQ-100 Index futures are edging higher at the mid-session on Tuesday. Volume is well-below average because of a U.S. bank holiday. The market is also posting an inside move that tends to indicate investor indecision and impending volatility.

At 17:22 GMT, December E-mini NASDAQ-100 Index futures are trading 16029.25, up 48.75 or +0.31%.

Helping to prop up the index are shares of Tesla. The electric-vehicle manufacturer is up about 1.4% after dropping as much as 12.6% earlier in the week.

Other mega-cap technology and communications stocks including Google-owner Alphabet, Microsoft Corp, Meta Platforms, Apple and Amazon.com are up between 0.4% and 0.8%.

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 minor trend is also up, but a trade through yesterday’s low at 15896.50 will indicate the selling pressure is getting stronger.

The new minor range is 16448.50 to 15896.50. Its 50% level at 16172.50 is the nearest resistance.

The short-term range is 15273.75 to 16448.50. Its 50% level at 15861.00 is the nearest support.

Another minor support level comes in at 15517.00. Slightly below this level is the value zone at 15408.00 to 15162.50.

Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to 16045.

Bullish Scenario

A sustained move over 16045 will indicate the presence of buyers. This could trigger a follow-through rally into 16172.50.

Aggressive counter-trend sellers could come in on the first test of 16172.50. They may try to form a potentially bearish secondary lower top. Taking out this level, however, could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 16045 will signal the presence of sellers. This could trigger a break into 15896.50, followed by 15861.00.

The trigger point for an acceleration to the downside is 15861.00. If this support fails then look for the selling to possibly extend into 15517.00, followed by 15408.00.