E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 1, 2018 Forecast

December E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The market is trading inside yesterday’s range which indicates investor indecision and impending volatility. Volume is like today which makes the market vulnerable to volatile swings. Many of the major players are on the sidelines ahead of Friday’s U.S. Non-Farm Payrolls report.

At 1357 GMT, December E-mini NASDAQ-100 Index futures are trading 6982.25, up 6.75 or +0.10%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade through 6580.50 will signal a resumption of the downtrend. A move through 7368.50 will change the main trend to up.

The minor trend is up. It turned up on Wednesday. This move also shifted momentum to the upside. The next minor top is 7175.00.

On the downside, the major support zone is 6822.75 to 6609.00. This zone provided support on Monday at 6580.50.

The short-term range is 7368.50 to 6580.50. Its retracement zone at 6974.50 to 7067.50 is currently being tested. This zone is controlling the direction of the index today.

The main range is 7728.75 to 6580.50. The primary upside target is its retracement zone at 7154.75 to 7290.25. Since the main trend is down, sellers are likely to come in on a test of this zone.

Daily Technical Forecast

The key area to watch today is a price cluster at 6964.50 to 6992.75. Inside this zone is a 50% level at 6974.50.

Taking out and sustaining a move over 6992.75 will indicate the buying is getting stronger. This could trigger a rally into a Fibonacci level at 7067.50. This is another trigger point for an acceleration into the main 50% level at 7154.75.

A sustained move under an uptrending Gann angle at 6964.50 will signal that the selling is getting stronger. This is a potential trigger point for an acceleration to the downside with the next targets coming in at 6822.75 and 6772.50.

Trading inside 6992.75 to 6964.50 will indicate investor indecision. Look for a choppy, two-sided trade inside this zone.