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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 15, 2019 Forecast

By:
James Hyerczyk
Published: Jan 15, 2019, 16:34 UTC

Based on the current price at 6643.00, the direction of the March E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 6652.00.

E-mini NASDAQ-100 Index

March E-mini NASDAQ-100 Index futures are trading sharply higher almost bucking the tone of the other major indices. The rally was ignited by Netflix which led other tech-related shares higher when it announced a 13% to 18% increase in its monthly membership fee. Shares of Netflix jumped over 6 percent. Additionally, Facebook, Amazon, Apple and Alphabet all rose more than 1 percent each.

At 1614 GMT, March E-mini NASDAQ-100 Index futures are trading 6643.00, up 98.00 or 1.50%.

 

E-mini NASDAQ-100 Index
Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when buyers took out the previous main top at 6645.00. The new main bottom is 6521.50. A trade through this bottom will change the main trend to down.

The main range is 6897.00 to 5820.50. Its retracement zone at 6485.75 to 6358.75 is new support. Holding above this zone is helping to maintain the market’s upside bias.

Daily Technical Forecast

Based on the current price at 6643.00, the direction of the March E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 6652.00.

Bullish Scenario

Overtaking 6652.00 and sustaining the move will indicate the buying is getting stronger. This could create the upside momentum needed to challenge the downtrending Gann angle at 6721.00. This is a potential trigger point for an acceleration to the upside with the next target angle coming in at 6809.00. This is the last resistance angle before the 6897.00 main top.

Bearish Scenario

The inability to overcome 6652.00 will signal the presence of sellers. If this generates enough downside momentum then we could see a retest of the downtrending Gann angle at 2545.00. This is followed by the main bottom at 6521.50 and the major Fibonacci level at 6485.75.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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