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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 3, 2014 Forecast

By:
James Hyerczyk
Updated: Aug 24, 2015, 22:00 UTC

December E-mini NASDAQ-100 Index futures rebounded on Thursday after selling off into a major Fibonacci price level. Although the market closed lower, it

Daily December E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures rebounded on Thursday after selling off into a major Fibonacci price level. Although the market closed lower, it finished in a position to resume the rally on Friday. The level to watch for an upside breakout today is 3995.00.

The main trend is 3819.75 to 4118.75. Its retracement zone is 3969.25 to 3934.00. On Thursday, the market briefly traded through the lower level, but buyers came in at 3927.75 to reverse the market back up. The short-covering was strong enough to overcome the 50% level. New support today comes in at 3969.25 and 3934.00.

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

The index also closed over an uptrending angle from the 3819.75 bottom. This angle moves up to 3975.75 today. If all the support fails then look for a test of the next angle at 3897.75.

On the upside, crossing to the strong side of the downtrending angle from the 4118.75 top is a sign of strength. This angle comes in at 3958.75.

The short-term range is 4118.75 to 3927.75. A strong follow-through to the upside makes its retracement zone at 4023.25 to 4045.75 the next key upside target. Another downtrending angle from the 4118.75 top passes through this retracement zone at 4038.75, making it a valid upside target too.

Look for a bullish tone today if the index can hold above the uptrending angle at 3975.75. Since the main trend is down, watch for sellers to show up on a test of 4023.25 to 4045.75. 

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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