E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 11, 2017 Forecast

December E-mini NASDAQ-100 Index futures are called lower based on the pre-market trade. The market is trading inside yesterday’s range which indicates investor indecision and impending volatility.

A trade through 6088.50 will signal a resumption of the uptrend, but investors still have to be concerned about a possible closing price reversal top.

Yesterday’s price action made 6088.50 a new minor top. This was the first sign of weakness. A trade through 6039.00 will indicate the selling is getting stronger and that momentum may be getting ready to shift to the downside.

If the selling continues then look for a drive into the steep uptrending angle at 6034.00. We could see a technical bounce on the first test of this angle.

If 6034.00 fails to hold as support then investors should prepare for a possible acceleration to the downside.

The new short-term range is 5842.00 to 6088.50. If a break through 6034.00 begins to gain traction then look for a possible acceleration to the downside over the near-term with the next target the 50% level at 5965.25.

Watch the price action and read the order flow at 6034.00 all session. This angle is controlling the direction of the index.