December E-mini Nasdaq-100 Index futures are marginally higher early Friday after Thursday’s strong technical bounce from 30,370.00. The main trend is up. The rally is testing the minor retracement zone at 30,732.50 to 30,818.00.
A sustained move over 30,818.00 could extend the rally into the 31,094.75 main top, the last resistance before the all-time high at 31,336.75. The upside structure remains intact as long as buyers keep defending the lower end of the retracement zone.
A failure to hold 30,732.50 would weaken the outlook and could trigger a retest of the 30,370.00 minor bottom. Below that, the next support zone is 30,074.00 to 29,833.00, followed by the 50-day moving average at 29,661.13.
What to Watch
Durable-goods orders and Michigan consumer sentiment are the data risk Friday. Strong numbers keep October hike odds near 68%. The bond market cooled overnight without reversing. Yields are off Thursday’s highs and holding.
December E-mini Nasdaq-100 Index futures are showing the stronger recovery after Thursday’s bounce from 30,370.00. December E-mini S&P 500 Index futures held the 50-day and are testing the 7,778.00 to 7,794.50 retracement zone. The data Friday either gives the bond market another reason to press or gives futures room to work on the resistance levels above.
More Information in our Economic Calendar.
