E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 18, 2017 Forecast

December E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market opening. The market is being underpinned by increased demand for risk ahead of the start of the two-day U.S. Federal Reserve monetary policy meeting.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, it has been drifting sideways to lower since September 1, making it ripe for a breakout to the upside.

A trade through 6025.75 will signal a resumption of the uptrend. A move through 5948.00 will change the minor trend to down.

The main range is 5784.50 to 6025.75. Changing the minor trend to down could drive the market into its retracement zone at 5905.00 to 5876.50.

Daily Forecast

Based on the current price at 6003.25 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the downtrending angle at 6005.75 and the uptrending angle at 5992.50.

Overtaking 6005.75 and sustaining the rally will signal the presence of buyers. This could create enough upside momentum to take out 6025.75.

There is no resistance over 6025.75, however, a closing price reversal top will indicate the selling is greater than the buying at current price levels.

A failure to overcome 6006.75 will signal the presence of sellers. A move under 5992.50 will indicate the selling is getting stronger.

Look for an acceleration to the downside if the index crosses to the weak side of the downtrending angle at 5985.75. This could trigger a steep break into 5948.00.