E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 13, 2015 Forecast

December E-mini NASDAQ-100 Index futures are trading lower shortly before the release of the U.S. Retail Sales report at 8:30 a.m. ET and the cash market opening. Traders should look for increased volume and expanded ranges with the release of the report.

The main trend is up according to the daily swing chart, but momentum has clearly shifted to the downside side. Currently, it is in a position to test a retracement zone at 4523.50 to 4475.00.

Based on yesterday’s close at 4581.25, the key level to watch today is a long-term uptrending angle at 4568.75. Trader reaction to this angle will determine the direction of the market today.

A sustained move over 4568.75 will signal the presence of buyers. This could trigger a fast rally into a steep downtrending angle at 4617.75. This angle is important because it has provided downward guidance since the 4729.75 top on November 4.

Taking out 4617.75 with conviction will indicate the buying is getting stronger with the next targets a series of downtrending angles at 4673.75, 4701.75 and 4715.75. The latter is the last potential resistance angle before the 4729.75 main top.

A sustained move under 4568.75 will signal the presence of sellers. The first target under this level is the 50% price at 4523.50. This is followed by the Fib level at 4475.00.

The daily chart opens up to the downside under 4475.00 with the next target a major 50% level at 4385.25.

The best downside target today is a potential support cluster at 4304.75 to 4304.00, however, reaching this level today is highly unlikely.

Watch the price action and read the order flow at 4568.75 today. Trader reaction to this angle will tell us whether the bulls or the bears are in control.