E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – May 8, 2018 Forecast

June E-mini NASDAQ-100 Index futures are called lower based on the pre-market trade. The index is trading inside yesterday’s range which suggests investor indecision and impending volatility. The indecision is being driven by uncertainty ahead of President Trump’s announcement on the Iran nuclear deal. His response should take care of the volatility.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A move through 6867.00 will reaffirm the uptrend. This will put the index in a position to accelerate to the upside.

The price action is also being controlled by a number of retracement levels.

On the upside, the resistance is a Fibonacci level at 6867.75.

On the downside, the support is layered at 6760.50, 6699.75, and 6648.00.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to 6867.75 and 6760.50.

Look for an upside bias to develop on a sustained move over 6867.75. The daily chart indicates there is plenty of room to the upside if this level is taken out with conviction.

Look for a downside bias to develop on a sustained move under 6760.50. However, don’t expected an acceleration to the downside because of the layers of potential support.