E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 11, 2018 Forecast

March E-mini NASDAQ-100 Index futures are expected to open higher based on the pre-market trade. The index is getting a boost from a lower-than-expected producer price index report. Traders believe the Fed will have a hard time raising rates if inflation remains low.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6707.25 will negate the closing price reversal top and signal a resumption of the uptrend.

A trade through 6628.25 will change the minor trend to down.

The short-term range is 6707.25 to 6628.25. Its 50% level or pivot is 6667.75. This price is controlling the direction of the index today.

The main range is 6383.25 to 6707.25. If there is a correction then its retracement zone at 6545.25 to 6507.00 will become the primary downside target.

Daily Technical Forecast

Based on the earlier price action, the direction of the index today is likely to be determined by trader reaction to the pivot at 6667.75.

A sustained move over 6667.75 will indicate the presence of buyers. This move could generate the upside momentum needed to take out 6707.25.

A sustained move under 6667.75 will signal the presence of sellers. This could trigger a quick break into a pair of uptrending Gann angles at 6650.00 and 6639.25, followed by the minor bottom at 6628.25.

The minor bottom at 6628.25 is the trigger point for a possible acceleration to the downside with 6545.25 the first major target.