E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 13, 2017 Forecast

December E-mini NASDAQ-100 Index futures are expected to open lower based on the pre-market trade. Investors are cutting positions on concerns about a delay in tax reform.

Also weighing on the market is the news that Qualcomm rejected Broadcom’s bid to take over the company. Qualcomm said the offer “dramatically” undervalued the U.S. company. Investors also said the rejection sets the stage for one of the biggest-ever takeover battles.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum shifted to the downside last week. A trade through 6351.50 will signal a resumption of the uptrend. A move through 6244.75 will indicate the selling pressure is getting stronger. This could trigger a further break into the next minor bottom at 6192.50.

The short-term range is 6351.50 to 6244.75. Its 50% level or pivot is 6298.25. The market is straddling this level this morning.

The intermediate range is 6192.50 to 6351.50. Its retracement zone is 6272.00 to 6253.25. This zone provided support last week.

The main range is 6011.00 to 6351.50. If the selling pressure continues to increase then its retracement zone at 6181.25 to 6141.00 will become the primary downside target.

Daily Technical Forecast

Based on the current price at 6287.50, the direction of the index today is likely to be determined by trader reaction to the short-term pivot at 6298.25.

A sustained move under 6298.25 could generate enough downside momentum to challenge a 50% level at 6272.00, a Fibonacci level at 6253.25 and last week’s low at 6244.75.

The daily chart opens up to the downside under 6244.75 with the next target angle coming in at 6219.00.

If 6219.00 fails as support then look for an acceleration into the main 50% level at 6181.25.

Overcoming 6298.25 and sustaining the move will signal the return of buyers. If this generates enough upside momentum, we could see a test of 6351.50.