E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – May 9, 2018 Forecast

June E-mini NASDAQ-100 Index futures are trading slightly lower after the first hour of trading. Volume is light and the range is tight.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6851.25 will signal a resumption of the uptrend. A move through 6867.00 will reaffirm the uptrend.

A trade through 6771.00 will change the minor trend to down. This will also shift momentum to the downside.

The main range is 7214.50 to 6306.75. It is currently trading inside its retracement zone at 6760.50 to 6867.75. This zone is controlling the longer-term direction of the index.

On the downside, potential support levels are 6699.75, 6648.00, 6586.75 and 6520.75. All of these are retracement levels.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 6867.75.

A sustained move under 6867.75 will indicate the presence of counter-trend sellers. This could drive the index through 6771.00. This will change the minor trend to down and likely lead to a breakdown through 6760.50.

The main 50% level at 6760.50 is also a trigger point for an acceleration into at least 6699.75.

Taking out 6867.75 will signal the presence of buyers. The daily chart indicates there is plenty of room to the upside so we could see an acceleration through this price level.