E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 31, 2018 Forecast

March E-mini NASDAQ-100 Index futures are called higher based on the pre-market trade. The market is getting support from Trump’s State of the Union speech and today’s strong ADP private sector jobs report.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, the momentum has been sideways-to-lower since Monday’s closing price reversal top.

A trade through 7047.25 will negate the reversal top and signal a resumption of the uptrend.

A move through 6888.25 will indicate the selling is getting stronger.

The short-term range is 7047.25 to 6902.75. Its 50% level or pivot is 6975.00. This price is controlling the index today.

The main range is 6383.25 to 7047.25. If the downside momentum continues then its retracement zone at 6715.25 to 6637.00 will become the primary downside target.

Daily Technical Forecast

Based on the early trade, the direction of the index today will be determined by trader reaction to the pivot at 6975.00.

A sustained move over 6975.00 will indicate the presence of buyers. If this move generates enough upside momentum then look for buyers to take out the 7045.25 high. The next target is the steep uptrending Gann angle at 7055.25.

Overtaking 7055.25 will put the index in an extremely bullish position.

A sustained move under 6975.00 will signal the presence of sellers. If the selling pressure increases on this move then look for a possible acceleration into 6902.75, followed by 6888.25.

The first major uptrending support angle comes in at 6858.25. This is another trigger point for an acceleration into 6719.25 and 6715.25.