E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 21, 2017 Forecast

December E-mini NASDAQ-100 Index futures are expected to open strong based on the pre-market trade. Bullish traders continue to take advantage of the thinly traded pre-holiday market. There doesn’t seem to be a stopper in the market at this time with many of the major players on the sidelines.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6358.50 will signal a resumption of the uptrend. The trend will change to down if 6230.75 is violated.

The short-term range is 6230.75 to 6358.50. Its 50% level or pivot is 6294.50. This level provided support on Monday. Holding above this level will help maintain the upside bias. Momentum will shift to the downside if the pivot fails as support.

Daily Technical Forecast

Based on the early price action, the direction of the market will be determined by trader reaction to the long-term uptrending Gann angle at 6315.00.

A sustained move over 6315.00 will signal the presence of buyers. This could create the upside momentum needed to take out the contract high.

If 6315.00 fails as support, we could see a pullback into a short-term uptrending Gann angle at 6294.75. This angle forms an important support cluster with the pivot.

If the support cluster fails then look for a pullback into the next angle at 6262.75.

The best support is at 6315.00, but I think it will be all about upside momentum today. Once again, due to the thin volume, be careful chasing the index higher.