E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 23, 2017 Forecast

December E-mini NASDAQ-100 Index futures are called higher as investors prepare for the start of the busiest two weeks of earnings season.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, the rally has been on hold since the formation of a closing price reversal top on October 18 at 6132.75.

A trade through 6132.75 will negate the closing price reversal top and signal a resumption of the uptrend. This could trigger an acceleration to the upside.

A move through 6051.25 will change the minor trend to down.

The short-term range is 6132.75 to 6051.25. Its 50% level or pivot at 6092.00 is controlling the short-term direction of the market.

Daily Forecast

If the early upside momentum continues then look for an attempted breakout over 6132.75. Taking out this level could trigger an acceleration to the upside. The first target is a steep uptrending angle at 6162.00. Crossing to the strong side of this angle will put the index in an extremely bullish position.

Taking out the pivot at 6092.00 will shift momentum to the downside. If this generates enough downside momentum then look for a possible extension of the move into the minor bottom at 6051.25. This is a potential trigger point for an acceleration to the downside with an uptrending angle at 6002.00 the next likely downside target.

We’re expected a strong upside bias as long as the pivot at 6092.00 holds as support.