E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 30, 2017 Forecast

December E-mini NASDAQ-100 Index futures are expected to open lower based on the pre-market trade. Investors may be squaring positions ahead of the end of the month, or reacting to the indictment of Ex-Trump campaign chair Paul Manafort in regards to the Mueller investigation. We may also be seeing some profit-taking ahead of another round of earnings reports and fresh U.S. economic data.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6225.75 will signal a resumption of the uptrend. Today’s session also begins with the index in the window of time for a potentially bullish closing price reversal top.

The new short-term range is 6011.00 to 6225.75. If there is a correction then its retracement zone at 6118.25 to 6093.00 will become the primary downside target.

Daily Forecast

Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the long-term uptrending angle at 6242.75.

A sustained move over 6242.75 will put the index in an extremely strong position.

A sustained move under 6242.75 will signal the presence of sellers. The daily chart is wide open to the downside so if the selling starts to gain traction, we could see an acceleration to the downside with the key target the short-term retracement zone at 6118.25 to 6093.00. Inside this zone is a steep uptrending angle at 6107.00.

Given the current position of the index, the direction today is likely to be determined by whether investors prefer to buy strength or play for a pullback into support.