E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 15, 2017 Forecast

December E-mini NASDAQ-100 futures are called lower based on the pre-market trade. The index is trying to claw back its earlier losses that were caused by sellers dumping risky assets in reaction to another North Korean missile launch over Japan.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been drifting sideways to lower since September 1.

A trade through 6025.75 will negate a closing price reversal top and signal a resumption of the uptrend. A move through 5897.00 will change the minor trend to down.

The main range is 5784.50 to 6025.75. Its retracement zone at 5905.00 to 5876.50 is the primary downside target. Since the main trend is up, we could see a technical bounce on the first test of this zone.

An uptrending angle also passes through this retracement zone at 5880.50, making it a valid downside target also.

Forecast

Based on the current price at 5962.75 (1128 GMT) and the earlier price action, the direction of the NASDAQ-100 Index today will be determined by trader reaction to the downtrending angle at 5953.75.

Holding above 5953.75 will indicate the presence of buyers. This could drive the market into an uptrending angle at 5976.50. Overcoming this angle will indicate the buying is getting stronger.

The downtrending resistance angles come in at 5989.75 and 6007.75. The latter is the last potential resistance angle before the 6025.75 main top. This angle has provided resistance all week.

A sustained move under the angle at 5953.75 will signal the presence of sellers. If the selling is strong enough then we could see an acceleration to the downside into 5905.00 then 5880.50 and 5876.50.

Basically, look for a bullish tone to develop on a sustained move over 5976.50 and a bearish tone to develop on a sustained move under 5953.75.