E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 28, 2017 Forecast

December E-mini NASDAQ-100 Index futures are expected to open lower based on the pre-market trade. The market is trading inside yesterday’s range which indicates investor indecision and impending volatility.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The trend will turn up on a trade through 6018.25. Look for a resumption of the downtrend on a move through 5842.00.

The index is also caught between a pair of retracement zones. On the upside, the resistance zone is 5930.25 to 5951.00. On the downside, the support zone is 5905.00 to 5876.50.

Daily Forecast

The earlier price action suggests a rangebound trade today with a slight bias to the downside.

The early resistance was a price cluster at 5951.00 to 5954.25. The latter is the trigger point for an acceleration into 5986.25.

The key pivot price for the day will be a short-term 50% level at 5930.00. Holding above the pivot may generate enough upside momentum to challenge the resistance.

Crossing to the weak side of the pivot at 5930.00 could fuel a break into the major 50% level at 5905.00. This is followed by a steep uptrending angle at 5890.00 and a short-term Fibonacci level at 5876.50.

Watch the price action and read the order flow at 5930.00 all session. Trader reaction to this price will tell us if the sellers are still in control or if the buyers are retaking control.