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James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading slightly lower in the premarket session. There was little follow-through to the upside after Friday’s strong rally was fueled by a U.S. jobs report that easily topped analyst expectations.

There are no major economic releases scheduled for Monday, however, we could be looking at some early position-squaring ahead of Wednesday’s U.S. Federal Reserve monetary policy decision. Investors are also closely monitoring the prospect of a limited trade agreement between the United States and China.

At 12:44 GMT, December E-mini NASDAQ-100 Index futures are trading 8393.75, down 6.50 or -0.08%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 8458.75 will change the main trend to up. A move through 8168.25 will signal a resumption of the downtrend.

The short-term range is 8458.75 to 8168.25. Its 50% level or pivot at 8313.50 is providing support.


Daily Technical Forecast

Based on the early price action and the current price at 8393.75, the direction of the December E-mini NASDAQ-100 Index futures contract the rest of the session on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 8402.75.

Bearish Scenario

A sustained move under 8402.75 will indicate the presence of sellers. If this move can create enough downside momentum then look for the selling to possibly extend into the downtrending Gann angle at 8346.75.

Crossing to the weak side of the angle at 8346.75 will indicate the selling is getting stronger. This could trigger a further break into the pivot at 8313.50, followed closely by the uptrending Gann angle at 8296.25.

Bullish Scenario

Overtaking and sustaining a rally over 8402.75 will signal the presence of buyers. This could trigger a further rally into a pair of downtrending Gann angles at 8430.75 and 8444.75. The latter is the last potential resistance angle before the 8458.75 main top.

Side Notes

A sustained move on the strong side of the steep uptrending Gann angle at 8424.25 will also put the index in a strong position.

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