Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – December 13, 2017 Forecast
March E-mini NASDAQ-100 Index futures are expected to open slightly better based on the early trade. The strong overnight gains indicate that buyers may make a run at a new all-time high today.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 6427.75 will indicate the buying is getting stronger. A move through 6446.50 will signal a resumption of the uptrend. The index also begins today’s session in the window of time for a potentially bearish closing price reversal top.
The main range is 6446.50 to 6250.00. Its retracement zone is 6371.50 to 6348.25. This zone is support. Crossing to the weak side of this zone will shift momentum to the downside.
Daily Technical Forecast
Based on the early trade, the direction of the market today is likely to be determined by trader reaction to the downtrending Gann angle at 6424.50.
Taking out 6242.50 and sustaining the rally will indicate the presence of buyers. If the momentum is strong enough then look for the rally to take out 6427.75, eventually leading to a test of 6446.50.
The inability to overcome 6242.50 will signal the presence of sellers. This could drive the index into the next downtrending Gann angle at 6402.50. This angle is the trigger point for a further decline into 6371.50, followed by a support cluster at 6348.25 to 6346.00.
This article was originally posted on FX Empire
