E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 19, 2018 Forecast

Based on the early price action, the direction of the December E-mini S&P 500 Index is likely to be determined by trader reaction to a downtrending Gann angle at 7531.50.
James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading lower shortly before the cash market opening. The market is trading inside yesterday’s range while straddling yesterday’s close. This suggests investor indecision and impending volatility.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has been trending lower since the formation of the closing price reversal top at 7723.50 on August 30. Another closing price reversal top was formed at 7627.00 on September 14.

A trade through 7420.50 will change the main trend to down. A move through 7627.00 will signal a resumption of the uptrend.

7627.00 is also a secondary lower top. This is further evidence that the short-sellers are in control.

The main range is 7193.50 to 7723.50. The market is currently testing its retracement zone at 7458.50 to 7396.00. This zone is also controlling the near-term direction of the index.

Daily Technical Forecast

Based on the early price action, the direction of the December E-mini S&P 500 Index is likely to be determined by trader reaction to a downtrending Gann angle at 7531.50.

A sustained move under 7531.50 will indicate the presence of sellers. This could trigger a break into an uptrending Gann angle at 7473.50. Watch for a technical bounce on the first test of this angle. If it fails then look for the selling to extend into 7458.50.

A break through 7458.50 should lead to a test of the pair of main bottoms at 7422.25 and 7420.50. If they fail as support then look for the selling to extend into the Fibonacci level at 7396.00.

A sustained move over 7531.50 will signal the presence of buyers. This could trigger a surge into the 50% level at 7572.00, followed by the Fib level at 7607.75, the main top at 7627.00 and the downtrending Gann angle at 7627.50.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.