E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 17, 2018 Forecast

June E-mini NASDAQ-100 Index futures are soaring Tuesday on the back of bullish news about Netflix and strong earnings results from the company. An easing of tensions over a possible escalation of the war in Syria and a potential trade war with China are also giving investors more confidence to play the long side of the market.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, the momentum has been trending higher since the April 4 closing price reversal top at 6306.75. If the upside momentum continues then look for an eventual move into the next main top at 6849.25.

The main range is 7214.50 to 6306.75. Its retracement zone at 6760.75 to 6867.75 is the primary upside target. Since the trend is down, we could see sellers show up on the first test of this zone.

On the downside, support is layered at 6703.50, 6642.00 and 6583.00. The latter is the trigger point for a possible test of the support target currently at 6485.00 to 6443.00.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the 50% level at 6760.75.

A sustained move over 6760.75 will indicate the buying is getting stronger with potential targets at 6849.25 and 6867.75. The latter is the trigger point for an acceleration to the upside with the next potential target top coming in at 7214.50.

The inability to overcome 6760.75 will signal the return of buyers. A trade though 6703.50 will indicate the selling is getting stronger with targets coming in at 6642.00 and 6583.00. The latter is the trigger point for a steep sell-off.