December E-mini NASDAQ-100 Index futures hit a new record high during the U.S. pre-market session on Thursday. After a steady opening, buyers came in strong, suggesting bullish news is hitting the market. Given the events this week, the news may be related to a major breakthrough in U.S.-China trade relations. We’ll probably find out later in the session the reason behind the price surge, but all we know at this time is the market has hit an all-time high.
At 07:34 GMT, December E-mini NASDAQ-100 Index futures are trading 8257.25, up 50.00 or 0.61%.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. The uptrend was reaffirmed just a short while ago when buyers took out the closing price reversal top at 8248.00. The nearest main bottom is 7583.25. A trade through this level will change the main trend to down.
A change in trend at this time is not likely, however, due to the prolonged move up in terms of price and time, it is still vulnerable to a potentially bearish closing price reversal top. Given that we’re in a news driven market, traders should continue to look for heightened volatility.
The minor trend is also up. A trade through 8161.00 will change the minor trend to down. This will also shift momentum to the downside.
Daily Swing Chart Technical Forecast
Based on the early price action and the current price at 8257.25, the direction of the December E-mini NASDAQ-100 Index on Thursday is likely to be determined by trader reaction to yesterday’s close at 8207.25.
A sustained move over 8207.25 will indicate the presence of buyers. If this move continues to generate enough upside momentum then we may continue to see new highs throughout the session.
A sustained move under 8207.25 will signal the return of sellers. This will put the index in a position to post a potentially bearish closing price reversal top. Taking out 8161.00 will likely trigger an acceleration to the downside.
This article was originally posted on FX Empire
More From FXEMPIRE:
- A “risk-on “Delay
- Equity Rally Pauses as US-China Mini Trade Deal Hits Setback
- Ethereum and Stellar’s Lumen Daily Tech Analysis – 07/11/19
- US, China Agreement to Lift Tariffs Sparks Renewed Demand for Risk
- GBP/USD Daily Forecast – Sterling Extends Lower But Bounces from Support Ahead of BoE
- Oil Price Fundamental Daily Forecast – Trade Deal Optimism Offsetting Worries Over Supply