NASDAQ 100 Index Futures Forecast December 28, 2012, Technical Analysis

The NASDAQ 100 futures fell during the session on Thursday as the choppiness in the market continues. The market is currently bouncing along the bottom of a large consolidation area that has 2600 as a floor. With that being said, we are still looking for a clean and significant breakdown of the 2600 level, and have not gotten quite yet. If we do get that move, we would be more than willing to start selling on a daily close under that level.

Alternately, on a supportive candle we are willing to start buying as we think a pop back to the 2700 level would be the next move if we hold as support right now. Until we get either the supportive candle or the daily close below 2600, we will be waiting to see what the market tells the do.