E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 12, 2019 Forecast

June E-mini NASDAQ-100 Index futures are trading higher at the mid-session, but the earlier upside momentum appears to be slowing. The index is being underpinned by increased demand for riskier assets on the back of strong quarterly earnings from J.P. Morgan Chase. The move comes as a relief from some investors amid warnings that this earnings season could produce the worst results since 2016.

At 17:06 GMT, June E-mini NASDAQ-100 Index futures are trading 7642.25, up 25.00 or +0.33%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The main trend was reaffirmed earlier today when buyers took out the previous day’s high. The nearest main bottom is 7276.00. A trade through this bottom will change the main trend to down.

The minor trend is 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 7665.00. Its retracement zone is support.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini NASDAQ-100 index into the close is likely to be determined by trader reaction to the uptrending Gann angle at 7660.00.

Bullish Scenario

Overcoming and sustaining a rally over 7660.00 will indicate the presence of buyers. If this move creates enough upside momentum then look for a surge to the upside with the next target the October 3, 2018 main top at 7767.00.

Bearish Scenario

The inability to overcome 7660.00 will indicate the buying is getting weaker, or the selling is getting stronger. If this generates enough downside momentum then look for a potential test of the minor bottom at 7575.75.

Taking out 7575.75 will change the minor trend to down, but it could also trigger an acceleration to the downside with the next target a support cluster at 7470.50 to 7468.00.