E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – May 14, 2018 Forecast

June E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The market is continuing last week’s strong performance and rapidly approaching its contract high.

Daily Technical Analysis

The main trend is up according to the daily chart, however, today’s session also begins with the index in the window of time for a potentially bearish closing price reversal top.

The market is currently walking up a steep uptrending Gann angle from the 6538.00 main bottom. This angle is moving up at a rate of 64 points per day and comes in at 6986.00 today.

The nearest support is a downtrending Gann angle at 6870.50. This is followed by a steep uptrending Gann angle at 6762.00.

The nearest upside target is a downtrending Gann angle at 7042.50.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the steep uptrending Gann angle at 6986.00.

A sustained move over 6986.00 will indicate the presence of buyers. This could create the upside momentum needed to challenge the downtrending Gann angle at 7042.50.

Look for a technical bounce on the first test of 7042.50. However, we could see an acceleration into the next downtrending Gann angle at 7128.50 if the buying pressure increases.

Crossing to the weak side of the uptrending Gann angle at 6986.00 and sustaining the move could trigger an acceleration to the downside. This could lead to a steep break with the first target a downtrending Gann angle at 6870.50

Watch the price action and read the order flow at 6986.00 all session. Trader reaction to this angle will tell us if the buying is getting stronger, or if sellers are taking control.