Intel Brings Buyers Back to the Chips
Intel gave chip buyers a reason to come back Monday. JPMorgan raised the stock to neutral from underweight after a 36% drop from its late-June high. Intel was up about 4% before the opening. AMD and Micron were each up about 3%.
Last week left plenty of damage behind. The Nasdaq dropped 4.5%. Information technology lost more than 6%, its worst week since April 2025. Goldman Sachs said hedge funds sold technology stocks by the largest percentage on record. Nasdaq-100 futures gained 1.3% in premarket trading. S&P 500 futures were up 0.5%. Dow futures were down 88 points, or 0.2%. The bid stayed in the chips.
Daily December E-mini Nasdaq-100 Index Futures Technical Analysis
December E-mini Nasdaq-100 Index futures are trading sharply higher in a rebound rally. The main trend is down according to the daily swing chart. A trade through the swing bottom at 29053.00 will reaffirm the downtrend. The main trend will change to up on a move through the record high at 31616.50.
The minor trend is also down. A trade through 30225.00 will change the minor trend to up and shift momentum to the upside.
The long-term range is 27493.75 to 31616.50. Its retracement zone at 29555.25 to 29068.75 was successfully tested early in the session at 29226.00. The intermediate range is 29053.00 to 31616.50. Its retracement zone at 30032.25 to 30334.75 is the first target zone.
The short-term range is 31616.50 to 29226.00. Its retracement zone at 30421.25 to 30703.25 is the key target area. The 50-day moving average at 30175.22 is controlling the momentum. Since the index is currently trading on the weak side of this indicator, it is also potential resistance.
NASDAQ 100 Price Forecast
Every new NASDAQ 100 analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all NASDAQ 100 forecastsDaily December E-mini S&P 500 Index Futures Technical Analysis
December E-mini S&P 500 Index futures are higher at the opening on Monday. Overnight, a rally began after the index failed to take out Friday’s low at 7676.00. The pre-market surge was strong but it stopped just short of the 50-day moving average before pulling back.
The main trend is down according to the daily swing chart. A trade through 7887.00 will change the main trend to up. A move through 7672.75 will reaffirm the downtrend. The minor trend is also down. A trade through 7809.50 will change the minor trend to up and confirm a shift in momentum.
The long-term range is 7360.00 to 7904.00. Its retracement zone at 7632.00 to 7584.00 is a major downside target and potential value zone. The intermediate range is 7575.00 to 7897.50. Its retracement zone is 7736.25 to 7698.25. Earlier today, the index penetrated the lower level of this range, stopping at 7677.00 before turning higher and recapturing the upper level of the zone at 7736.25.
The short-term range is 7672.75 to 7897.50. Sellers returned earlier today when traders tested its retracement zone at 7758.50 to 7785.25. Inside this area is the 50-day moving average at 7774.50.
Intel’s Upgrade Brought in Buyers
JPMorgan kept its 85 price target on Intel. That target remains about 5% below Friday’s close. The bank pointed to better execution under Chief Executive Lip Bu Tan. It also sees tighter supply for leading-edge silicon and stronger demand for CPU-intensive agentic AI workloads.
Intel had been an easy stock to sell during the summer break. Monday’s upgrade brought in buyers. The price target did not.
CoreWeave Is Still the Debt Trade
CoreWeave was up about 6% after Goldman Sachs upgraded the stock. It fell 25% last week, its largest weekly decline since November 2025. Credit default swaps on the company reached distress levels during that selloff. The stock is recovering Monday. The debt trade remains in front of it.
AMD and Micron joined the move. The names that got hit last week are getting the first bids back. That is where the buying is.
Earnings Have to Take It from Here
Meta Platforms and Tesla report this week. Friday’s put volume was the second-highest of the year, according to Goldman. Anthropic posted 16.8 billion in third-quarter revenue after reporting 11.6 billion in the second quarter. Traders had already moved on to the spending side of the AI trade last week.
Amazon was also higher after Morgan Stanley named the stock a top pick and raised its price target. Datadog gained after a Bernstein upgrade. Cleveland-Cliffs was up more than 10% after topping third-quarter earnings estimates. Monday has more green on the screen. Last week’s selling put these stocks back where buyers would take a look.
What to Watch
The Intel call brought buyers into the chip stocks. Meta and Tesla report this week. CoreWeave is up, yet its debt remains part of the AI trade.
For December E-mini Nasdaq-100 Index futures, our bias is to the downside with the main trend down and the index on the weak side of the 50-day moving average. We recognize the buying after the successful test of the retracement zone at 29555.25 to 29068.75. Counter-trend momentum could carry the index into 30032.25 to 30334.75, then 30421.25 to 30703.25. Sellers could reemerge in these areas in an attempt to form a secondary lower top. If successful, the downtrend is likely to resume.
For December E-mini S&P 500 Index futures, my bias is to the downside because of the downtrend on the swing chart and the trade on the weak side of the 50-day moving average. Trader reaction to the short-term retracement zone at 7758.50 to 7785.25 could alter my outlook. A strong momentum shift could take place on a sustained move over 7785.25, shifting my bias to the upside with potential targets at 7887.00 and 7897.50. A sustained move under 7758.50 will suggest that sellers have returned, keeping my bearish outlook intact.
If the intraday low at 7677.00 fails to hold, the benchmark index could test the 7672.75 main bottom. Taking out that level could extend the break into the long-term retracement zone at 7632.00 to 7584.00, putting the September 16 main bottom at 7575.00 at risk.
More Information in our Economic Calendar.
