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James Hyerczyk

December E-mini NASDAQ-100 Index futures are trading lower at the midsession after giving back earlier gains. Apple Inc, Amazon.com Inc, Facebook Inc and Microsoft Corp fell between 0.5% and 1.3%, leading to the biggest drags on the tech-heavy index. The price action suggests the technology index is still struggling to comeback from a slump earlier in the month that saw the NASDAQ Composite Index slip into correction territory in just three sessions.

At 16:22 GMT, December E-mini NASDAQ-100 Index futures are trading 11374.25, down 73.75 or -0.64%.

The Federal Open Market Committee will release its policy statement and economic projections at 18:00 GMT, followed by Fed Chair Jerome Powell’s virtual news briefing half an hour later. Investors are hoping the Fed would continue to keep interest rates low for a prolonged period.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 10924.00 will change the main trend to down. A move through 12444.75 will signal a resumption of the uptrend.

The minor trend is down. It will change to up on a move through 11554.00. This will also shift momentum to the upside.

The short-term range is 12444.75 to 10924.00. Its retracement zone at 11684.50 to 11864.00 is the primary upside target.

The minor range is 10924.00 to 11539.00. Its retracement zone at 11231.50 to 11159.00 is potential support.


Daily Swing Chart Technical Forecast

Wednesday’s price action suggests investor indecision ahead of the Fed announcements.

Bullish news could trigger a late session surge through 11539.00, followed closely by 11554.00. This move could create the momentum needed to challenge the short-term 50% level at 11684.50, followed by the Fibonacci level at 11864.00.

Bearish news could lead to a break into the minor retracement zone at 11231.50 to 11159.00.

Side Notes

Sellers could show up on a trade into 11684.50 to 11864.00. They are going to try to form a potentially bearish secondary lower top.

Buyers could show up on a move into 11231.50 to 11159.00. They are going to try to form a potentially bullish secondary higher bottom.

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

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