E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 17, 2015 Forecast

December E-mini NASDAQ-100 Index futures followed through to the upside earlier in the session, confirming yesterday’s closing price reversal bottom.

Based on yesterday’s close at 4559.75, the first upside target is a downtrending angle at 4585.75. This is followed closely by a 50% level at 4592.50 and a long-term uptrending angle at 4600.75.

Overtaking the angle at 4600.75 will put the index in a strong position with the next target a short-term Fibonacci level at 4624.75. This is a potential trigger point for an acceleration to the upside with potential targets at 4657.75, 4693.75 and 4711.75. The latter is the last potential resistance angle before the 4729.75 main top.

A failure to overcome the downtrending angle at 4585.75 will signal the presence of sellers. The daily chart is open to the downside with the next target a 50% level at 4523.50. This is followed by a Fibonacci level at 4475.00.

A trade through 4455.00 will negate the closing price reversal bottom. This could lead to an acceleration to the downside with 4385.25 the primary downside target.

Watch the price action at 4585.75 and 4600.75 today. Look for a bullish tone to develop on a sustained move over 4600.75 and a bearish tone to develop on a sustained move under 4585.75. Holding in between these two points will indicate investor indecision.