E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 11, 2019 Forecast

June E-mini NASDAQ-100 Index futures are trading slightly lower on Thursday after touching a multi-month high earlier in the session. Volume and volatility continue to come in on the light sigh for sixth consecutive session.

There aren’t any major economic releases today, but investors may be still digesting yesterday’s Fed minutes, which indicated policymakers are leaving room for possible rate increases by the end of the year but currently do not expect to make any changes.

At 09:39 GMT, June E-mini NASDAQ-100 Index futures are trading 7638.25, down 3.00 or -0.04%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. It was reaffirmed earlier in the session when buyers drove the index into 7661.00. A lower close today will form a potentially bearish closing price reversal top. If confirmed, this could lead to the start of a 2 to 3 day correction.

The minor trend is also up. A trade through 7575.75 will change the minor trend to down. This will shift momentum to the downside.

The short-term range is 7276.00 to 7661.00. Its retracement zone at 7468.50 to 7423.00 is the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 7628.00.

Bullish Scenario

A sustained move over 7628.00 will indicate the presence of buyers. If this move produces enough upside momentum then look for buyers to make a run at the next uptrending Gann angle at 7733.75. Crossing to the strong side of this angle will put the index in a bullish position.

Bearish Scenario

A sustained move under 7628.00 will signal the presence of sellers. The first target is the minor bottom at 7575.75. Taking out this level will change the minor trend to down and shift momentum to the downside.

The minor bottom at 7575.75 is also the trigger point for an acceleration to the downside with the next potential targets a 50% level at 7468.50, an uptrending Gann angle at 7452.00 and a Fibonacci level at 7423.00.

Basically, the index will remain bullish as long as it remains inside the uptrending channel with 7628.00 the lower level and 7733.75 the upper level of the channel.