E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 19, 2017 Forecast

December E-mini NASDAQ-100 Index futures are called slightly higher shortly before the opening. The market is trading inside yesterday’s wide range, suggesting investor indecision and impending volatility.

Daily Technical Analysis

The main trend is up according to the daily swing chart, but momentum is sideways to lower. On Monday, the index posted a potentially bearish closing price reversal top. A trade through 5967.25 will confirm this chart pattern. This could lead to the start of a 2 to 3 day correction.

A trade through 6018.25 will negate the reversal top and signal a resumption of the uptrend with 6025.75 the next likely target.

The main trend will turn down on a trade through 5948.00.

Daily Forecast

The key Gann angle to watch on Tuesday comes in at 5981.75.

Holding above 5981.75 will signal the presence of buyers. This could create the upside momentum need to challenge a pair of Gann angles at 6003.75 and 6008.50.

Overcoming 6008.50 will put the index in a bullish position with the next two targets at 6018.25 and 6025.25.

A sustained move under 5981.75 will put the index in a weak position. If the selling is strong enough, we could see a test of the main bottom at 5948.00, followed by a downtrending angle at 5937.75.

Look out to the downside if 5937.75 fails as support.