E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 28, 2018 Forecast

December E-mini NASDAQ-100 Index futures are trading lower shortly after the opening. Profit-taking and end-of-the-month position-squaring is helping to drive the index lower. Investors are also expressing concerns over trade issues and economic turmoil in Italy.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7686.25 will indicate the buying is getting stronger. A trade through 7723.50 will signal a resumption of the uptrend.

The minor trend changes to down on a trade through 7473.75. The main trend will change to down on a trade through 7422.25.

The short-term range is 7422.25 to 7686.25. Its retracement zone at 7554.25 to 7523.00 is the first downside target.

The main range is 7193.50 to 7723.50. Its retracement zone at 7458.50 to 7396.00 is the best downside target. This zone stopped the selling at 7420.50 to 7422.50 earlier in the month.

Daily Technical Forecast

Based on the early price action, the direction of the December E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 7643.50.

A sustained move under 7643.50 will indicate the presence of sellers. This move could trigger an acceleration to the downside with 7554.25 the next likely downside target. This is followed by an uptrending Gann angle at 7537.50 and a Fibonacci level at 7523.00. Since the main trend is up, look for buyers to come in on a test of these levels.

Look out to the downside if 7523.00 fails as support. The next target is 7458.50.

A sustained move over 7643.50 will signal the presence of buyers. This is followed by another downtrending Gann angle at 7633.50. This is the last potential resistance angle before the 7723.50 main top.