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December E-mini NASDAQ-100 Index futures are trading higher during Thursday’s pre-market session as investors increase bets that the winner of the U.S. presidential election would soon be determined.

Late Wednesday, NBC News projected that former Vice President Joe Biden was the winner in Wisconsin and Michigan, both states that President Donald Trump won in the 2016 presidential election. Biden would then be just 17 Electoral College votes away from winning, NBC News reported Wednesday.

At 04:15 GMT, December E-mini NASDAQ-100 Index futures are trading 11948.25, up 185.25 or +1.57%.

Meanwhile, the Democrats were projected to retain control of the House, while flipping the Senate became increasingly unlikely. Traders read this to mean that without a Blue Wave (Democratic Sweep), the Senate will remain very closely divided, which will constrain the policy options of whoever wins the presidency.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum shifted to the upside with the confirmation of Monday’s closing price reversal bottom. The main trend will change to up on a trade through the last swing top at 12249.00, while a trade through the nearest swing bottom at 10942.25 will signal a resumption of the downtrend.

The minor trend is also down. A trade through 12022.00 will change the minor trend to up. This will confirm the shift in momentum to up.

The main range is 9390.50 to 12444.75. Its retracement zone at 10917.50 to 10557.25 is major support.

The short-term range is 12249.00 to 10942.25. The index is currently trading on the strong side of its retracement zone at 11749.75 to 11595.50, making it new support and putting the index in a bullish position.

Daily Swing Chart Technical Forecast

The early price action indicates the direction of the December E-mini NASDAQ-100 Index on Thursday is likely to be determined by trader reaction to the short-term Fibonacci level at 11749.75.

Bullish Scenario

A sustained move over 11749.75 will indicate the presence of buyers. If this move generates enough upside momentum then look for the rally to possibly extend into the minor top at 12022.00. Taking out this level should trigger a further rally into the pair of main tops at 12249.00 and 12444.75.

Bearish Scenario

A sustained move under 11749.75 will signal the presence of sellers. This could trigger a quick break into the 50% level at 11595.50. This price is a potential trigger point for an acceleration to the downside with the first target coming in around 11464.50.

For a look at all of today’s economic events, check out our  economic calendar.

This article was originally posted on FX Empire