E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 30, 2019 Forecast

March E-mini NASDAQ-100 Index futures are trading higher, helped by a strong performance by Apple. The tech giant is trading nearly five-percent higher after reporting a quarterly profit that barely beat estimates. According to its quarterly report, the company’s overall quarterly revenue topped expectations, but iPhone sales for the quarter came in below estimates. Earlier in the month, the company slashed its revenue guidance due to the economic slowdown in China.

At 15:13 GMT, March E-mini NASDAQ-100 Index futures are trading 6705.25, up 66.50 or 1.00%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6828.25 will signal a resumption of the uptrend. The main trend changes to down on a trade through 6521.50.

The main range is 6521.50 to 6828.25. Its 50% level or pivot at 6674.75 is support.

The short-term range is 6828.25 to 6592.25. Its 50% level or pivot at 6710.25 is resistance.

Both pivot levels are potential trigger points for breakouts.

On the upside, the major 50% level comes in at 6792.75.

Daily Technical Forecast

Based on the current price at 6705.25 and the earlier price action, 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 6697.50.

Bullish Scenario

A sustained move over 6697.50 will indicate the presence of buyers. The first target is the short-term 50% level at 6710.25. This is followed by a downtrending Gann angle at 6716.25.

The Gann angle at 6716.25 is the trigger point for an acceleration to the upside. The daily chart indicates there is plenty of room to the upside with the first target angle coming in at 6772.25. This is followed by the main 50% level at 6792.75, and a pair of downtrending Gann angles at 6800.25 and 6814.25. The latter is the last potential resistance angle before the 6810.50 minor top and the 6828.25 main top.

Bearish Scenario

A sustained move under 6697.50 will signal the presence of sellers. This could trigger a break into the 50% level at 6674.75.

The 50% level at 6674.75 is the trigger point for an acceleration to the downside with the next target angle coming in at 6609.50.