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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 12, 2015 Forecast

By:
James Hyerczyk
Published: Nov 12, 2015, 13:31 UTC

December E-mini NASDAQ-100 Index futures are trading flat during the pre-market session. Traders appear to be waiting for a catalyst to drive the buying

Daily December E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading flat during the pre-market session. Traders appear to be waiting for a catalyst to drive the buying and the selling today. Volume and volatility may return today if the Fed speakers say something interesting enough to move the markets. Or, we may just continue to sit in a tight range until the release of the U.S. retail sales data on Friday.

The current debate amongst investors is whether to buy strength at current price levels, or wait for a pullback into a value zone.

Daily December E-mini NASDAQ-100 Index
Daily December E-mini NASDAQ-100 Index

The main trend is up according to the daily swing chart. The minor trend turned down earlier in the week when sellers took out 4625.00. There wasn’t enough selling pressure to sustain the move which suggests the move was fueled by profit-taking or sell stops rather than fresh short-selling.

Based on the close at 4631.75, the first resistance angle comes in at 4633.75. Overtaking this angle will indicate the presence of buyers. This could drive the index into the uptrending angle at 4653.50.

Overtaking the angle at 4653.50 will indicate that the buying is getting stronger. This may lead to a test of the short-term pivot at 4671.25.

The first resistance over the pivot at 4671.25 is a downtrending angle at 4681.75. This is followed by a pair of angles at 4705.75 and 4717.75. The latter is the last potential resistance angle before the 4729.75 main top.

A sustained move under 4633.75 will signal the presence of sellers. This could create enough downside momentum to challenge the low for the week at 4612.50.

The low at 4612.50 is a potential trigger point for an acceleration to the downside with the next major target an uptrending angle at 4552.75. This is the last major support angle before the 4523.50 to 4475.00 primary downside target.

Watch the price action and order flow at 4633.75 today. Trader reaction to this angle will tell us whether the bulls or the bears are in control. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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