E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 19, 2015 Forecast
December E-mini NASDAQ-100 Index futures are called better on the opening based on the pre-market strength.
Based on the early session strength, the key angle to watch today is an uptrending angle at 4647.00. The market found support slightly above this angle earlier today, giving it the upside bias. Trader reaction to this angle will set the tone for the day.
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A sustained move over 4647.00 will indicate the presence of buyers. The first upside target is a downtrending angle at 4685.75. The rally could stair-step over this level with potential targets at 4707.75 and 4718.75. The latter is the last potential resistance angle before the 4729.75 main top.
A failure to hold 4647.00 will signal the presence of sellers. Although there is minor support at 4641.75, the index will be set up for a steep break since the nearest support doesn’t come in until 4551.00.
Watch the price action and read the order flow at 4647.00 and 4685.75 today. Trader reaction to these angles will tell us whether the bulls or the bears are in control.