E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trade Through 8216.25 Changes Trend to Down

December E-mini NASDAQ-100 Index futures are trading lower during the pre-market session with most of the selling a reaction to negative comments by President Donald Trump. U.S. stocks are following Asian shares lower after Trump threatened to raise tariffs on Chinese goods if the two economic powerhouses do not strike a deal.

At 08:33 GMT, December E-mini NASDAQ-100 Index futures are at 8304.25, down 37.25 or -0.45%.

E-mini NASDAQ-100 Index
Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 8379.00 will signal a resumption of the uptrend. A move through 8216.25 will change the main trend to down.

The minor trend is also up. A new main top was formed at 8379.00 earlier in the session.

The short-term range is 8216.25 to 8379.00. Its 50% level comes in at 8297.50. Since the main trend is up, buyers could come in on the first test of this level. Taking out this level will indicate the selling is getting stronger.

The main range is 7474.25 to 8379.00. If the main trend changes to down then its retracement zone at 7926.50 to 7819.75 will become the primary downside target.

Daily Technical Forecast

Based on the early price action and the current price at 8304.75, the direction of the December E-mini NASDAQ-100 Index the rest of the session on Wednesday is likely to be determined by trader reaction to the short-term 50% level at 8297.50.

Bullish Scenario

A sustained move over 8297.50 will indicate the presence of buyers. This could trigger a rebound rally later in the session with the first target yesterday’s minor top at 8379.00. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 8297.50 will signal the presence of sellers. The first target is an uptrending Gann angle at 8280.25. If this fails the selling will extend into the next Gann angle at 8248.25. This is the last potential support angle before the 8216.25 main bottom.

Taking out 8216.25 will change the main trend to down. This could trigger a further break into the next minor bottom at 8161.00.

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.