E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 13, 2014 Forecast
December E-mini NASDAQ-100 Index futures closed on the weak side of a long-term uptrending angle on Friday, setting up the market for further downside action on Monday. This angle comes in at 3905.75. Regaining this angle will indicate short-covering.
The daily chart opens up to the downside today with the first target the August 8 bottom at 3819.75.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
This is followed by the major retracement zone at 3764.25 to 3680.50. Additional support is an uptrending angle at 3657.75.
Although the main trend is down on the daily chart, traders should watch for a technical bounce on the first test of the 50% level at 3764.25. If this price fails then look for a test of the Fib level at 3680.50.
On the upside, shorts may cover aggressively if 3905.75 is overcome with conviction.
