E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – February 2, 2018 Forecast

March E-mini NASDAQ-100 Index futures are called lower based on the pre-market trade. The index is also in a position to post a weekly closing price reversal top. This chart pattern could lead to the start of a 2 to 3 week correction. Last week’s close was 7030.25.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum shifted to the downside with the formation of the daily closing price reversal top on January 29.

A trade through 7047.25 will negate the reversal top and signal a resumption of the uptrend.

The minor trend turned down on the trade through 6888.25.

The main range is 6383.25 to 7047.25. If the downside momentum continues then look for a break into its retracement zone at 6715.25 to 6637.00.

Daily Technical Forecast

Based on the early price action, the direction of the index the rest of the session will be determined by trader reaction to a long-term uptrending Gann angle at 6890.00.

A sustained move under 6890.00 will indicate the presence of sellers. The daily chart indicates there is plenty of room to the downside if the selling volume begins to pick-up. This could lead to a test of another uptrending Gann angle at 6751.25, followed by the 50% level at 6715.25.

A sustained move over 6890.00 will signal the presence of sellers. If this move generates enough upside momentum then look for the rally to possibly extend into a series of downtrending Gann angles at 6983.25, 7015.25 and 7031.25. The latter is the last potential resistance angle before the 7047.25 main top.