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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading sharply higher after the cash market opening on Tuesday after a string of stronger-than-expected earnings reports in the banking and healthcare sectors spilled over to the technology sector.

Investors are also showing little concern over U.S.-China trade relations despite dampened hopes of a permanent trade deal. This likely means that investors feel optimistic that an agreement will eventually be reached, but that it will be a complicated process.

Furthermore, as long as the two-sides are still talking, it’s hard to be bearish. But a collapse in talks will be bearish.

At 14:19 GMT, December E-mini NASDAQ-100 Index futures are trading 7915.00, up 57.50 or +0.73%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7918.50 will signal a resumption of the uptrend. The main trend changes to down on a move through 7583.25.

The short-term range is 7973.75 to 7474.25. Its retracement zone at 7783.00 to 7724.00 is support. Trading above this zone will continue to generate a strong upside bias.


Daily Technical Forecast

Based on the early price action and the current price at 7915.00, the direction of the December E-mini NASDAQ-100 Index futures contract the rest of the session on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 7910.50.

Bullish Scenario

A sustained move over 7910.50 will indicate the presence of buyers. Taking out last week’s high at 7918.50 will indicate the buying is getting stronger. This could trigger a surge into a downtrending Gann angle at 7956.50.

The angle at 7956.50 is the last potential resistance angle before the main tops at 7973.75 and 8002.50.

Bearish Scenario

A sustained move under 7910.50 will signal the presence of sellers. If this move is able to generate enough downside momentum then look for a potential acceleration to the downside with the next target a downtrending Gann angle at 7818.50, followed by the short-term Fibonacci level at 7783.00.

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