Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – December 15, 2017 Forecast
March E-mini NASDAQ-100 Index futures are called higher shortly before the cash market opening. Optimism over the progress of the tax reform bill is helping to boost the index. Investors seem to be shrugging off concerns over a possible delay due to some Republican opposition.
Daily Technical Analysis
The main trend is up according to the daily swing chart. However, yesterday’s closing price reversal top many be an indication that the selling is greater than the buying at current price levels.
A trade through 6443.75 will negate the closing price reversal top. A move through 6446.50 will signal a resumption of the uptrend.
A failure to take out 6443.75 will indicate the presence of sellers. Taking out 6402.50 will confirm the chart pattern. This could lead to the start of a 2 to 3 day break.
The main range is 6250.00 to 6443.75. If the closing price reversal top is confirmed then its retracement zone at 6346.75 to 6324.00 will become the primary downside target.
Daily Technical Forecast
Based on the early trade, the direction of the index today will be determined by trader reaction to the downtrending Gann angle at 6420.50.
A sustained move over 6420.50 will signal the presence of buyers. This could create the upside momentum needed to challenge 6443.75, followed by 6446.50.
A sustained move under 6420.50 will indicate the presence of sellers. The daily chart is open to the next downtrending Gann angle at 6394.50. Taking out this angle could trigger a further break into the steep uptrending Gann angle at 6378.00.
The angle at 6378.00 is the trigger point for an acceleration into the 50% level at 6346.75. This level is the first target of the reversal top.
This article was originally posted on FX Empire
