E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 3, 2018 Forecast

March E-mini NASDAQ-100 Index futures are called higher based on the pre-market trade. The early price action has put the index within striking distance of its all-time high.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6545.75 will signal a resumption of the uptrend.

The short-term range is 6545.75 to 6383.25. Its 50% level or pivot at 6464.50 is new support. A trade through 6383.25 will change the main trend to down.

Daily Technical Forecast

Based on the current price at 6525.50 and the earlier price action, the direction of the index the rest of the session will be determined by trader reaction to the downtrending Gann angle at 6527.25.

A sustained move over 6527.25 will signal the presence of buyers. This could generate the upside momentum needed to overtake the main top at 6545.75. The next target angle over this top is 6554.00.

Crossing over 6554.00 and sustaining the move will put the index in an extremely strong position.

A sustained move under 6527.25 will indicate the presence of sellers. The next targets are an uptrending angle at 6510.25 and a downtrending angle at 6509.75.

The angle at 6509.75 is the trigger point for an acceleration to the downside. If enough downside pressure is generated by the move, we could see an eventual move into the pivot at 6464.50.

Basically, look for an upside bias on a sustained move over 6527.25 and for a downside bias on a sustained move under 6509.75.