E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 30, 2018 Forecast

June E-mini NASDAQ-100 Index futures are trading better shortly after the cash market opening. This chart carries the distinction of being the most volatile and the “cleanest” of the three majors.

In other words, while the Dow and S&P 500 are in uptrends, the upside looks labored while the downside looks vulnerable. On the other hand, the NASDAQ-100 downside looks protected and the upside appears to be the way of least resistance. Based on this assessment, I believe the NASDAQ-100 market could lead the way to the upside.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6867.00 will signal a resumption of the uptrend. The main trend will change to down on a move through 6429.25.

The price action is currently being manipulated by a series of retracement levels.

The main range is 7214.50 to 6306.75. Its retracement zone is 6760.75 to 6867.75. This zone is acting like resistance.

The intermediate range is 6306.75 to 6867.00. Its retracement zone is 6586.75 to 6520.75. This zone is potential support.

The short-term range is 6867.00 to 6429.25. Its retracement zone at 6699.75 to 6648.00 is currently being tested.

Daily Swing Chart Technical Forecast

Based on the early trade, I’m looking for an upside bias to develop on a sustained move over 6699.75 and for a downside bias to develop on a sustained move under 6648.00.

A sustained move over 6699.75 will indicate the presence of buyers. This could drive the index into 6760.75. Look for a technical bounce on the first test of this level. If buyers can take out this level with conviction, we could see an acceleration into 6867.00 to 6867.75. Once again, we could see a technical bounce. However, look for an acceleration to the upside if this level is taken out with increased buying.

A sustained move under 6648.00 will signal the presence of sellers. This could lead to a labored break with downside targets at 6586.75, 6520.75 and 6429.25. The latter is the trigger point for an acceleration to the downside with 6306.75 the next major target.