E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 15, 2017 Forecast

December E-mini NASDAQ-100 Index futures are called lower based on the pre-market trade. Investors are reacting to lower prices in Europe and Asia as well as concerns over tax reform and the flattening of the yield curve.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is starting to trend lower. A trade through last week’s low at 6244.75 will indicate the selling is getting stronger.

The market is currently testing the intermediate retracement zone at 6272.00 to 6253.25. Trader reaction to this zone is likely to determine the near-term direction of the index.

The short-term range is 6351.50 to 6244.75. Its 50% level or pivot is 6298.25. This price is acting like resistance.

The main retracement zone and primary downside target is 6181.25 to 6141.00.

Daily Technical Forecast

A sustained move over 6272.00 will signal the return of buyers. This could drive the index into a downtrending angle at 6287.50, followed by the pivot at 6298.25. Overcoming the pivot will signal the return of buyers with potential Gann angle targets at 6319.50 and 6335.50.

A sustained move under 6272.00 will indicate the presence of sellers. This could trigger a break into the support cluster at 6253.25 to 6251.00.

The daily chart starts to open up to the downside under 6244.75. This could lead to an acceleration to the downside with the next major target coming in at 6181.25.

Basically, the picture is indicating that 6298.25 is the trigger point for a rally and 6251.00 is the trigger point for an acceleration to the downside. Trading between the numbers could lead to a choppy, two-sided trade.