Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 20, 2017 Forecast
December E-mini NASDAQ-100 Index futures are called higher shortly before the cash market opening. This index is the weakest of the three major indexes. The Dow and S&P 500 hit all-time highs earlier in the session. The NASDAQ is still recovering from yesterday’s steep sell-off.
Daily Technical Analysis
The main trend is up according to the daily swing chart, however, momentum shifted to down following Wednesday’s closing price reversal top and yesterday’s subsequent confirmation.
The short-term range is 6132.75 to 6051.25. Its 50% level or pivot is 6092.00. This price is controlling the short-term direction of the index.
The main range is 5842.00 to 6132.75. If there is a break through the 6051.25 minor bottom then look for the selling to possibly extend into its retracement zone at 5987.25 to 5953.00.
Daily Forecast
Based on the current price at 6111.75 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the short-term pivot at 6092.00.
A sustained move over 6092.00 will indicate the presence of buyers. This could generate the upside momentum needed to challenge the closing price reversal top at 6132.75. Overtaking this level will negate the chart pattern and signal a resumption of the uptrend.
Taking out 6132.75 could drive the index into a steep uptrending angle at 6146.00. Crossing to the strong side of this angle will put the NASDAQ Index in an extremely bullish position.
A sustained move under 6092.00 will signal the presence of sellers. This could trigger an acceleration to the downside with 6051.25 the next downside target.
If 6051.25 fails then look for the selling to extend into 5994.00 and 5987.25.
This article was originally posted on FX Empire
