Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 20, 2017 Forecast
December E-mini NASDAQ-100 Index futures may flatline early in the session due to limited news and the holiday-shortened week. This will be a short week for Wall Street because of the U.S. Thanksgiving holiday on Thursday. This often leads to a steep drop in trading volume due to the absence of several major players including mutual funds and institutions. This often leads to volatile price swings and head fakes on breakouts. Furthermore, the robot traders will be most active and they are faster than you so try not to get trapped in a big position on the wrong side.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 6358.50 will signal a resumption of the uptrend. The main trend will change to down on a trade through 6230.75.
The short-term range is 6230.75 to 6358.50. Its 50% retracement level or pivot is 6294.50.
The main range is 6011.00 to 6358.50. It retracement zone at 6184.75 to 6143.75 is the primary downside target.
Daily Technical Forecast
Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the pivot at 6294.75.
A sustained move over 6294.75 will signal the presence of buyers. Overcoming and sustaining a rally over an uptrending angle at 6299.00 will indicate the buying is getting stronger. If momentum happens to increase on this move then look for a possible test of 6358.50.
A sustained move under 6294.75 will indicate the presence of sellers. This is followed by short-term uptrending Gann angles at 6278.75 and 6254.75. The latter is the last potential support angle before the 6250.75 main bottom.
Barring any surprise news, I expect the index to straddle the pivot at 6294.75.
This article was originally posted on FX Empire
