E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 9, 2019 Forecast

June E-mini NASDAQ-100 Index futures are trading slightly lower early Tuesday. Volume is extremely low for a fourth session, suggesting investors are waiting for news, or indifferent ahead of the release of the minutes from the Fed’s March monetary policy meeting. The index is within striking distance of its all-time high, but investors seem reluctant to buy strength at current price levels. This suggests the market may be ripe for a near-term correction.

At 09:30 GMT, June E-mini NASDAQ-100 Index futures are trading 7613.50, down 10.50 or -0.14%.

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 the previous session’s high. There wasn’t much of a follow-through to the upside either because of the extremely light volume.

The market isn’t close to changing the main trend to down, but it is inside the window of time for a potentially bearish closing price reversal top. We’ve already had the higher-high, now all we need is a lower close to complete the move. Monday’s close was 7623.50.

The short-term range is 7276.00 to 7633.75. If there is a near-term direction then its retracement zone at 7454.75 to 7412.75 will become the primary downside target.

The main range is 6965.75 to 7633.75. Its retracement zone is another downside target at 7299.75 to 7221.00.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini NASDAQ-100 Index on Tuesday is likely to be determined by trader reaction to Monday’s close at 7623.50.

Bullish Scenario

A sustained move over 7633.50 will indicate the presence of buyers. If this creates enough upside momentum then look for buyers to go after the uptrending Gann angle at 7669.75. Overtaking this angle will put the index in a bullish position with the October 3, 2018 main top at 7767.00 the next major upside target.

Bearish Scenario

A sustained move under 7633.50 will signal the presence of sellers. If this move generates enough downside momentum then look for a break into the nearest uptrending Gann angle at 7564.00. We could see buyers on the first test of this angle. However, it is also the trigger point for an acceleration to the downside with the first major target the short-term 50% level at 7454.75.