NASDAQ 100 Futures Forecast December 10, 2012, Technical Analysis

The NASDAQ 100 futures rose during the session on Friday originally, but pulled back in order to form a negative looking shooting star shaped candle. However, we are currently sitting just above the 2600 level looks to be rather supportive. We are also underneath the 2700 level which is been so resistive, so it’s hard to really suss out which direction this market wants to go.

Because of all this, this is a market we are currently on the sidelines in. However, if we managed to break down below 2600 we think this market could really fall apart and head towards the 2500 level in relatively short order. Alternately, if we managed to get above the 2700 level, we think this market could begin to rise and certainly test the 2750 level right away.