E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 12, 2017 Forecast

James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures posted an inside move on Wednesday. This usually indicates investor indecision and impending volatility.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6088.50 will signal a resumption of the uptrend. However, investors will have to watch the volume on this move because low volume could lead to a potentially bearish closing price reversal top.

If a short-term range forms between 5842.00 and 6088.50 then a steep sell-off could drive prices into the retracement zone at 5965.25 to 5936.00.

Daily December E-mini NASDAQ-100 Index

Daily Forecast

Based on Wednesday’s close at 6082.50, the direction of the index today is likely to be determined by trader reaction to 6088.50.

If the buying is strong enough then the rally should extend over 6088.50.

If the buying is weak then we may see a closing price reversal top.

If the index has another inside day then this will only increase the chances for increased volatility.

On the downside, the nearest uptrending angle comes in at 6050.00. This angle has been guiding the market higher since September 25, or 13 trading sessions. We could see a technical bounce on the first test of this angle.

If 6050.00 fails as support then look for an acceleration to the downside. The daily chart indicates there is plenty of room to the downside with 5965.25 the first major downside target.

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