March E-mini NASDAQ-100 Index futures are in a positon to finish higher on Wednesday after the cash market indexes posted a mixed performance. In the cash market, the benchmark S&P 500 Index and the technology-based NASDAQ Composite hit intraday all-time highs, with the latter index the only one of the three majors ending higher.
At 21:37 GMT, March E-mini NASDAQ-100 Index futures are trading 8621.75, up 16.50 or +0.19%.
Trading volume was extremely low and could continue to decline in the run-up to the Christmas holiday period.
Daily Technical Analysis
The main trend is up. The uptrend was confirmed earlier in the session when buyers took out the previous days’ high.
A trade through the intraday high at 8641.25 will signal a resumption of the uptrend. The main trend will actually change to down on a move through the last main bottom at 8189.25. This is highly unlikely over the short-term, however, the index is inside the window of time for a closing price reversal top.
The minor trend is also up. A trade through 8319.50 will change the minor trend to down. This will also shift momentum to the downside.
In addition to the uptrend formed by the series of higher-tops and higher-bottoms, the index is also following a steep uptrending Gann angle higher. This angle is major support.
The angle, moving up 32 points per day from the December 2 main bottom at 8189.25, is at 8541.25 on Wednesday.
Look for the market to continue to trend higher as long as the angle holds as support. If the Gann angle fails then this will indicate the presence of sellers. This could trigger the start of an acceleration to the downside.
This article was originally posted on FX Empire
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