E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 27, 2017 Forecast

December E-mini NASDAQ-100 Index futures are trading lower shortly before the cash market opening. The index rallied to a new all-time high earlier in the session, but the lack of buyers turned the market lower.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, today’s session begins with the index in the window of time for a potentially bearish closing price reversal top.

Daily Technical Forecast

Based on the current price at 6410.25 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to Friday’s close at 6413.50.

A sustained move over 6413.50 will indicate the presence of buyers. This could create enough upside momentum to challenge today’s intraday high.

A sustained move under 6413.50 will signal the presence of sellers. This will put the index in a position to post a potentially bearish closing price reversal top. This chart pattern could trigger the start of a 2 to 3 day correction.

On the downside, the first major target is a long-term uptrending Gann angle at 6363.25. Since the main trend is up, we could see a technical bounce on the first test of this angle.

If 6363.25 fails as support then look for the selling to extend into the short-term uptrending angle at 6342.75.