E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 17, 2014 Forecast

December E-mini NASDAQ-100 Index futures rebounded after reaching a low at 3684.00 on Thursday. This price was slightly above a major Fibonacci level at 3684.00 and a long-term uptrending angle at 3667.50. These two prices are support today.

The close at 3741.50 was above the mid-point of the day, giving the index a slight upside bias on the opening. The first target is the major 50% level at 3764.25, followed by the steep downtrending angle at 3798.75. Overtaking this angle creates the potential for a huge rally because the daily chart indicates there is plenty of room to the upside.

The short-term range is 4118.75 to 3684.00. Its retracement zone at 3901.50 to 3952.75 is the best upside target if traders can take out 3798.75 with conviction.

Look for an upside bias to develop if buyers can sustain a move over 3764.25.

On the downside, taking out the long-term angle at 3667.50 could trigger an acceleration to the downside since the next support doesn’t come in until 3538.25.