E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Weakens Under 7870.00, Strengthens Over 7883.25

Based on the early price action and the current price at 7863.75, the direction of the December E-mini NASDAQ-100 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 7870.00.
James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are expected to open lower based on the pre-market trade. Investors have a lot on the table at this time and appear to be willing to sit on their hands ahead of the Fed’s interest rate and monetary policy decisions on Wednesday. Not only are investors worried about the direction of future rate cuts, but there are also concerns over the tensions in the Middle East and the uncertainty over U.S.-China trade relations.

At 13:01 GMT, December E-mini NASDAQ-100 index futures are trading 7863.75, down 15.75 or -0.21%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 8002.50 will signal a resumption of the uptrend. A trade through 7764.00 will change the main trend to down.

The minor trend is also up. A trade through 7798.25 will change the minor trend to down. This will shift momentum to the downside.

The short-term range is 7764.00 to 8002.50. Its 50% level or pivot at 7883.25 is controlling the direction of the index today.

The main range is 7390.00 to 8002.50. If the main trend changes to down then look for a break into its retracement zone at 7696.25 to 7624.00.

Daily Technical Forecast

Based on the early price action and the current price at 7863.75, the direction of the December E-mini NASDAQ-100 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 7870.00.

Bearish Scenario

A sustained move under 7870.00 will indicate the presence of sellers. This could trigger a break into the minor bottom at 7798.25. Taking out this level could lead to a test of the main bottom at 7764.00. This is a potential trigger point for an acceleration into the main 50% level at 7696.25.

Bullish Scenario

A sustained move over 7870.00 will signal the presence of buyers. This could trigger a labored rally with potential targets coming in at 7883.25, 7906.25 and 7919.75. The index could spike to the upside over 7919.75 with 7954.50 the next target.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US