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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 22, 2014 Forecast

By:
James Hyerczyk
Updated: Aug 25, 2015, 02:00 UTC

December E-mini NASDAQ-100 Index futures surged on Tuesday, taking out a long-term downtrending angle from the contract high and a Fibonacci level. The

Daily December E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures surged on Tuesday, taking out a long-term downtrending angle from the contract high and a Fibonacci level. The strong close near the high of the session puts the market in a position to follow-through to the upside.

The main range is 4118.75 to 3684.00. The retracement zone created by this range at 3952.75 to 3901.25 are new support levels.

Daily December E-mini NASDAQ-100 Index
Daily December E-mini NASDAQ-100 Index

A steep uptrending angle from the 3684.00 bottom passes through the retracement zone, making it valid support. An angle from the 4118.75 top drops in at 3934.75.

A sustained move over the Fibonacci level at 3952.75 will set a bullish tone today. The first upside target is a downtrending angle at 4026.75. Taking out this level could trigger a further rally into 4072.75.

Breaking back under 3952.75 will be the first sign of weakness. The next will be a move under the steep angle at 3940.00. Finally, crossing under the downtrending angle at 3934.75 will indicate increased selling pressure. This could lead to a break back to the 50% level at 3901.25.

The tone of the market today will be determined by trader reaction to 3952.75. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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