E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 31, 2017 Forecast

December E-mini NASDAQ-100 Index futures are trading higher shortly after the opening. Traders are responding to strong earnings reports. Gains may be limited with some investors on the sidelines ahead of the release of earnings from Apple on Thursday.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 6251.50 will signal a resumption of the uptrend. A trade through 6202.25 will make 6251.50 a new minor top.

The new short-term range is 6011.00 to 6251.50. If 6202.25 is taken out with conviction then look for a possible acceleration into its retracement zone at 6131.25 to 6102.75.

Daily Forecast

Given the strong upside bias, the first target is yesterday’s high at 6251.50. Overtaking this level could drive the index into a steep uptrending Gann angle at 6258.25. This angle acted like resistance yesterday. Overtaking the angle will put the index in an extremely strong position.

A failure to overcome 6258.25 will indicate the presence of sellers. If this move attracts fresh sellers then look for a move into yesterday’s low at 6202.25. If this price fails, the market may collapse into the next uptrending angle at 6139.00, followed by a 50% level at 6131.25.