A Look At December NASDAQ Futures (NQ)

December E-mini NASDAQ futures have exhibited strength today, breaking above the Daily SMA and posting a proximity test of the Bollinger MP.

ontology

When it comes to tech stocks, the NASDAQ is the leading destination for traders the world over. Featuring listings from technology giants such as Apple, Google, and Microsoft, it is the industry standard in tech trade. On the CME, the NASDAQ’s performance is measured by E-mini NASDAQ futures, an index product similar to the E-mini DOW and E-mini S&P 500.

Price action in the NASDAQ often mirrors that of the DJIA and S&P 500. There is occasional divergence, typically around earnings announcements. In today’s markets, there is a growing emphasis being placed upon technology.  Due to this fact, many traders elect to specialize in NASDAQ stocks and indices products.

NASDAQ Futures

December E-mini NASDAQ futures have exhibited strength today, breaking above the Daily SMA and posting a proximity test of the Bollinger MP. However, the sentiment is turning negative, with rates falling beneath the 6735.00 handle.

December NASDAQ Futures (NQ), Daily Chart
December NASDAQ Futures (NQ), Daily Chart

Here are the two levels to watch in this market for the remainder of the session:

  • Resistance(1): Bollinger MP, 6822.00
  • Support(1): Daily SMA, 6724.00

Overview: At the moment, this market is trading in a noncommittal fashion. Rates are just above the Daily SMA in an intraday compression pattern. For the remainder of the session, the 6724.00 level is going to be huge. If we see failure at this point, then prices are very likely to close today’s trade in the red.

ABOUT THE AUTHOR See More
Shain Vernier
US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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