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

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 June E-mini NASDAQ-100 Index

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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US