E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 23, 2019 Forecast

Based on the early trade, the direction of the June E-mini NASDAQ-100 Index futures contract will be determined by trader reaction to yesterday’s close at 7734.75. There is no resistance over 7767.00, only targets. The next upside target is an uptrending Gann angle at 7852.00.
James Hyerczyk
E-mini NASDAQ-100 Index

Technology-driven E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The market is being underpinned by increased demand for risky assets on the back of earlier released better-than-expected earnings reports. Later this week, traders will get a chance to reaction to earnings reports from technology giants Amazon, Netflix, Apple and Facebook. Although the index appears to be only inching higher, there is plenty of cash on the sidelines to drive the market to an all-time high.

At 13:38 GMT, June E-mini NASDAQ-100 Index futures are trading 7753.50, up 20.75 or +0.26%.

Daily June E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session when buyers took out yesterday’s high. The next major target is the October 3, 2018 main top at 7767.00.

The uptrend is safe for now, however, there is still the possibility of a closing price reversal top. This chart pattern won’t change the trend, but it could lead to a 2 to 3 day correction.

The minor trend is also up. A trade through 7660.25 will change the minor trend to down. This will also shift momentum to the downside.

Daily Technical Forecast

Based on the early trade, the direction of the June E-mini NASDAQ-100 Index futures contract will be determined by trader reaction to yesterday’s close at 7734.75.

Bullish Scenario

A sustained move over 7734.75 will indicate the presence of buyers. Taking out 7767.00 will indicate the buying is getting stronger. There is no resistance over this level, only targets. The next upside target is an uptrending Gann angle at 7852.00. Therefore, watch for an acceleration to the upside if 7767.00 is taken out with better-than-average volume.

Bearish Scenario

Taking out 7734.75 then turning lower for the session will put the index in a position to form a potentially bearish closing price reversal top. This could trigger a 2 to 3 day break. If 7660.25 fails then look for momentum to shift to the downside.

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

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.
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.