E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 6, 2017 Forecast

December E-mini NASDAQ-100 Index futures are called higher shortly before the cash market opening. The market is being supported by a rise in Qualcomm. The tech stock is being driven higher by a hostile takeover bid from Broadcom.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6284.50 will negate a closing price reversal top and signal a resumption of the uptrend.

The minor trend is up. The new minor bottom is 6192.50. A trade through this bottom will change the minor trend to down.

The main range is 6011.00 to 6284.50. If there is a sell-off then its retracement zone at 6147.75 to 6115.50 will become the primary downside target.

Daily Technical Forecast

Based on the early trade, the direction of the NASDAQ-100 Index today is likely to be determined by trader reaction to the steep uptrending angle at 6267.00.

A sustained move over 6267.00 will give the index an upside bias today. The first target is 6284.50. Taking out this level could create the upside momentum needed to challenge the long-term uptrending angle at 6322.00.

Overtaking 6322.00 and sustaining the move will put the index in an extremely bullish position.

A sustained move under 6267.00 will signal the presence of sellers. The daily chart is wide open to the downside under this angle. Taking it out with conviction could trigger an acceleration to the downside with the next major target coming in at 6147.75 and 6139.00.

Basically, look for an upside bias on a sustained move over 6267.00. Look for an acceleration to the upside if 6322.00 is taken out with rising volume and an acceleration to the downside if 6267.00 is taken out with rising volume.