Yahoo Finanza E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Has to Hold 7954.25 to Sustain Intraday Upside Momentum
December E-mini NASDAQ-100 Index futures are trading higher at the mid-session on Thursday. The index is being boosted by a jump in shares of Microsoft. Gains are being limited, however, by a drop in shares of Twitter. After the close, Amazon and Intel report earnings.
At 16:36 GMT, December E-mini NASDAQ-100 Index futures are at 7960.50, up 59.00 or +0.73%.
Shares of Microsoft rose 1.4% after reporting earnings per share of $1.38 on revenue of $33.06 billion for the previous quarter. Analysts polled by Refinitiv expected a profit of $1.25 per share on revenue of $32.23 billion. Microsoft’s strong quarterly performance was driven in part by Azure, its cloud business, which saw revenues grow by 59% on a year-over-year basis.
Twitter, however, fell 18% on weaker-than-expected results.
Daily Technical Analysis
The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 7994.75 will signal a resumption of the uptrend.
The minor trend is down. A trade through 7988.75 will change the minor trend to up. This will shift momentum to the upside. A move through 7810.25 will indicate the selling is getting stronger.
The minor range is 7994.75 to 7810.25. Its 50% level or pivot at 7902.50 is support.
The next minor range is 7583.25 to 7994.25. Its 50% level support comes in at 7734.50.
Daily Technical Forecast
Based on the early price action and the current price at 7960.50, the direction of the December E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 7954.25.
Bullish Scenario
A sustained move over 7954.25 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to possibly extend into the minor tops at 7988.75 and 7994.75. These are followed by the main top at 8002.50. This is a potential trigger point for an acceleration into the July 24 top at 8071.75.
Bearish Scenario
A sustained move under 7954.25 will signal the presence of sellers. This could trigger a break into the minor pivot at 7902.50.
The pivot at 7902.50 is a potential trigger point for an acceleration to the downside with the next targets the minor bottom at 7810.25 and the 50% level at 7789.00.
This article was originally posted on FX Empire
