E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Testing 11550.75 to 11761.75 Retracement Zone
December's E-Mini NASDAQ 100 Index Futures are trading higher mid-session but are struggling. The volume is a little light, as is the volatility, which suggests that buyers are not very happy at the current price level and may be willing to wait for a retreat into a value range.
At 15:36 GMT, the E-Mini NASDAQ-100 Index Futures in December are at 11,509.75, up 39.75 or + 0.35%.
The tech-driven index is giving up previous gains as expectations for a coronavirus stimulus law to be passed after House spokeswoman Nancy Pelosi said there was no standalone bill for additional help to shippers without a major coronavirus - Stimulus package will give.
Pelosi's comments come two days after President Donald Trump suspended talks on a national coronavirus package until after the election, but urged additional help to the ailing aviation sector.
Daily December E-mini NASDAQ-100 index
Daily swing chart technical analysis
The main trend is up according to the daily swing chart. Trade above 11604.75 signals a resumption of the uptrend. This makes 11197.50 a new main floor.
The small trend has also increased. Trade to 11197.50 will change the small down trend and move the momentum down. Confirms whether sellers can take out 11167.00.
The short-term range is between 12444.75 and 10656.50. The retracement zone at 11550.75 to 11761.75 is a potential resistance. This zone stopped the rally on October 2nd at 11,604.75.
The minor range is between 11167.00 and 11604.75. His 50% level at 11385.75 is support.
The second minor range is between 10656.50 and 11604.75. His 50% level at 11130.50 is another level of resistance.
Short term outlook
Based on the early price move, the direction of the December E-mini NASDAQ 100 index will likely be determined by the trader's reaction to the 50% level at 11550.75 in the end.
A sustained move above 11550.75 indicates the presence of buyers. The first target is the main peak at 11,604.75. Taking this level out could trigger an acceleration to the upside with the next target being the Fibonacci level at 11761.75.
Persistent move below 11550.50 will signal the presence of sellers. This could trigger a quick break in 11385.75. Look out for a technical upswing, but if that fails, look for sales that may reach into the support cluster at 11197.50, 11167.00, and 11130.50.
In our economic calendar you will find all economic events of today.
This article was originally published on FX Empire
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