December E-mini NASDAQ-100 Index futures are trading slightly lower shortly before the close. The market has clawed back early losses and is now in a position to turn higher for the session. The index is also trading inside yesterday’s range, which indicates investor indecision and impending volatility.
Mixed headlines are causing investor uncertainty. On Wednesday, the headlines were saying U.S.-China trade negotiations has hit a snag over the rollback of tariffs. Some were predicting the trade deal would be delayed until early next year.
The early selling stopped and the index began to climb shortly before the cash market opening after news broke that China had invited U.S. negotiators to Beijing to reopen negotiations.
At 19:40 GMT, December E-mini NASDAQ-100 Index futures are trading 8287.00, down 4.75 or -0.05%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 8379.00 will signal a resumption of the uptrend. The main trend will change to down on a trade through the last swing bottom at 8216.25.
The first minor range is 8216.25 to 8379.00. Its pivot at 8297.75 is providing resistance on Thursday.
The second minor range is 8161.00 to 8379.00. Its pivot at 8270.00 has been straddled most of the session.
The third minor range is 8020.50 to 8379.00. Its 50% level at 8199.75 is potential support.
The fourth minor range is 7810.25 to 8379.00. Its 50% level at 8094.50 is another potential support level.
Daily Technical Forecast
The trading range is tight on Thursday with a pair of uptrending Gann angles and 50% levels controlling the price action.
Based on Thursday’s price action and the current price at 8287.00, the direction of the December E-mini NASDAQ-100 futures contract into the close is likely to be determined by trader reaction to the 50% level at 8297.75 and the uptrending Gann angle at 8256.25.
A sustained move over 8297.75 will indicate the presence of buyers. This could trigger a late session breakout to the upside.
A sustained move under 8256.25 will signal the presence of sellers. This is a potential trigger point for a late session break into the main bottom at 8216.25 and the pivot at 8199.75.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Silver Price Forecast – Silver Markets Continue To Chop And Grind
- Crude Oil Price Update – Downtrending Gann Angle at $58.48 Potential Trigger Point for Acceleration to Upside
- GBP/JPY Price Forecast – British Pound Continues To Flag
- Natural Gas Price Forecast – Natural Gas Markets Finding Support Again
- E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Pivot at 27733 Controlling Direction
- AUD/USD Forex Technical Analysis – Testing Key Retracement Zone at .6801 to .6770