E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 27, 2017 Forecast

December E-mini NASDAQ-100 Index futures are expected to open higher based on the pre-market trade. Reduced concerns over North Korea, optimism with the release of the Trump Administration’s tax reform plan and an oversold market are helping to underpin the index.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 5842.00 will signal a resumption of the downtrend with 5784.50 the next likely downside target.

The main range is 5784.50 to 6025.75. Its retracement zone is 5905.25 to 5876.50. This zone is controlling the near-term direction of the market.

The short-term range is 6018.25 to 5842.00. Its retracement zone at 5930.25 to 5951.00 is the primary upside target. Since the main trend is down, sellers could re-emerge on a test of this zone.

Daily Forecast

Based on the earlier price action, the direction of the market today is likely to be determined by trader reaction to the price cluster at 5905.25 to 5906.75.

A sustained move over 5906.75 will indicate the buying is getting stronger. This could fuel rallies into 5930.25, 5951.00 and 5994.75.

A sustained move under 5905.25 will signal the presence of sellers. This could trigger a labored break into 5889.75, 5876.50 and 5864.50.