This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

E-Mini NASDAQ 100 Futures Analysis

The E-Mini NASDAQ 100 futures (NDZ13:CME) are trading within a very tight, two-day range that could offer the next breakout opportunity. The four-hour chart shows price has developed a 32-point range over the last two sessions, which spans from 3360.75 to 3392.75. This 32-point total falls well short of the current average two-day range of 57.50, which typically implies a solid breakout opportunity may be ahead.

Given that the NQ has experienced a major bull move over the last three weeks, continued overall strength should be assumed, until proven otherwise. And the level to watch that will help us prove otherwise is 3360.

The 3360 level has become a key pivot lately, as the market has responded to this level several times over the last week of trading. There is a confluence of support at 3360, which includes visual support, LVN support, and EMA wave support, among others.

Since the NQ has been extremely bullish as of late, a pullback to this support level should offer a solid buy opportunity. If price can break through recent highs at 3390, then there's a great shot at reaching key ADR weekly targets above, including 3424 (primary) and 3445.25 (secondary).

Otherwise, a violation through 3360 suggests an attempt to reach the primary downside weekly objective at 3327.75, with a shot to reach the full range ADR downside target at 3306.50.

As always, use stops and keep an eye on the 10-handle rule. Don't forget to catch MrTopStep on The Closing Print video found under the OptionsTV page (top bar). We report directly from the SPX pits, wrapping up the day and positioning for trade tomorrow.

OptionsProfits can be followed on Twitter at twitter.com/OptionsProfits

MrTopStep can be followed on Twitter at twitter.com/MrTopStep

For LIVE futures chat, more information on the 10-handle rule and futures educational content CLICK HERE FOR A SEVEN-DAY FREE TRIAL. The NQ has rallied 275 points from the 3110.75 low, which occurred 14 sessions ago. While the NQ may be overbought, it's very tough to sell this market. However, a break and hold below 3360 could provide the early warning signs of a decline and opens the door to a retest of the key swing pivot below at 3320.

If, and this is a big IF, the NQ sees a selloff after the Fed announcement, it's very possible that price could retest the 3250 resistance level that was recently crossed. A successful retest of this level could offer a solid buying opportunity for an end-of-year run.

It all comes down to 3360 in the short term, which could have longer-term implications.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters