E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 20, 2017 Forecast

December E-mini NASDAQ-100 Index futures are trading flat shortly before the regular session opening. Volume is below average and the range is inside yesterday’s range, suggesting investor indecision and impending volatility.

Traders are waiting to respond to several pronouncements from the Federal Open Market Committee as well as a press conference from Fed Chair Janet Yellen.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has been trending lower since the 6025.75 main top on September 1. Earlier in the week, the index posted a closing price reversal top. This also indicates that the selling may be greater than the buying at current price levels.

A trade through 6018.25 will negate the closing price reversal top. A move through 6025.75 will signal a resumption of the uptrend.

The main trend will turn down on a trade through 4948.00.

The short-term range is 5948.00 to 6018.25. Its 50% level or pivot is 5983.75.

The main range is 5784.50 to 6025.75. Its retracement zone is 5905.00 to 5876.50.

Daily Forecast

Based on the current price at 5996.00, the direction of the index today is likely to be determined by trader reaction to a downtrending angle at 6001.75 and an uptrending angle at 5972.00.

Overtaking the angle at 6001.75 will indicate the presence of buyers. This could drive the index through 6018.25 then into the uptrending angle at 6024.50.

Overcoming 6024.50 will put the index in a bullish position. This should create enough upside momentum to overcome the main top at 6025.75.

A sustained move under the downtrending angle at 6001.75 will signal the presence of sellers. This could lead to a test of a series of levels at 5983.75, 5997.75 and 5972.00.

Look out to the downside if 5972.00 fails as support. This could lead to a surge into the main bottom at 5948.00. The trend will change to down on a move through this bottom. This could trigger an acceleration into 5929.75 then 5905.00.

Look for a bullish tone on a move over 6001.75 and a bearish tone to develop on a sustained move under 5972.00.