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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 3, 2018 Forecast

By:
James Hyerczyk
Published: Oct 3, 2018, 13:59 UTC

There is no nearby trigger point today. The price action will be determined by momentum. If the earlier upside momentum continues then look for buyers to make a run at 7728.75. If there is no rally and sellers take control then look for a possible break into the nearest uptrending Gann angle at 7598.25.

E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The market is getting a boost today from a better-than-expected private sector jobs report. ADP and Moody’s Analytics said private payrolls increased by 230,000 in September, the most since February. This soundly beat the 185,000 forecast. Traders are now awaiting the release of the ISM non-manufacturing index.

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

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7728.75 will signal a resumption of the uptrend. The trend is safe for now. It will change to down on a move through 7422.25.

Due to the prolonged move up in terms of price and time, the only chart pattern bullish traders have to worry about is the closing price reversal top. This chart pattern will indicate the selling is greater than the buying at current price levels. It could lead to a 2 to 3 day correction.

The main range is 7422.25 to 7728.75. If there is a pullback then its retracement zone at 7575.50 to 7539.25 will become the primary downside target.

Daily Technical Forecast

There is no nearby trigger point today. The price action will be determined by momentum.

If the earlier upside momentum continues then look for buyers to make a run at 7728.75. Taking out this price could trigger an extension of the rally into a steep uptrending Gann angle at 7774.25. Overtaking this angle will put the market in an extremely bullish position.

If there is no rally and sellers take control then look for a possible break into the nearest uptrending Gann angle at 7598.25. Look for buyers on the first test of this angle. If it fails then look for the selling to extend into the main retracement zone at 7575.50 to 7539.25.

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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