E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 29, 2019 Forecast

Based on the early price action and the current price at 6693.25, the direction of the March E-mini NASDAQ-100 Index futures contract on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 6681.50 and the 50% level at 6674.75.
James Hyerczyk
E-mini NASDAQ-100 Index

Technology shares are trading lower early Tuesday, but inside yesterday’s range. The price action suggests investor indecision and impending volatility. The market is under pressure due to concerns over U.S.-China trade relations and worries over Apple, which is set to release quarterly earnings after the bell Tuesday in a report that could make or break this fragile market.

At 1011 GMT, March E-mini NASDAQ-100 Index futures are trading 6693.25, down 8.50 or -0.13%.

Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through 6828.25 will signal a resumption of the uptrend. A move through 6521.50 will change the main trend to down.

The minor trend is down. A trade through 6592.25 will reaffirm the minor trend. A trade through 6810.50 will change the minor trend to up. This will also shift momentum to the upside.

The current choppy, two-sided trade has formed two 50% levels at 6674.75 and 6710.25. The index is trading inside these two levels. Trader reaction to his area could set the tone of the market today.

On the upside, the major resistance is the 50% level at 6792.75. The major downside support is the Fibonacci level at 6485.75.

Daily Technical Forecast

Based on the early price action and the current price at 6693.25, the direction of the March E-mini NASDAQ-100 Index futures contract on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 6681.50 and the 50% level at 6674.75.

Bullish Scenario

A sustained move over 6681.50 will indicate the presence of buyers. If this creates enough upside momentum then look for a drive into the next 50% level at 6710.25 and the downtrending Gann angle at 6732.25. This is a potential trigger point for an acceleration to the upside with the next target angle coming in at 6780.25. This is followed by the 50% resistance at 6792.75.

Bearish Scenario

A sustained move under 6674.75 will signal the presence of sellers. The daily chart is wide open under this level. The first target is yesterday’s low at 6648.25, but the next downside target is the uptrending Gann angle at 6601.50, followed closely by the minor bottom at 6592.25.

If 6592.25 fails then look for the selling to extend into another uptrending Gann angle at 6561.50, followed by the main bottom at 6521.50.

Look for volatility after the close with the release of the Apple earnings report.

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