E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 30, 2015 Forecast
December E-mini NASDAQ-100 Index futures are trading flat-to-lower during the pre-market session. The main trend is up according to the daily swing chart, but upside momentum has slowed since the formation of the closing price reversal top on November 23.
The main range is 4455.00 to 4706.75. Its retracement zone is 4580.75 to 4551.00. If there is a steep sell-off over the near-term then this zone will be the primary downside target.
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The short-term range is 4706.75 to 4620.00. Its 50% level or pivot at 4663.25 is currently controlling the short-term direction of the market.
Holding above 4663.25 will signal the presence of buyers. This may create enough upside momentum to challenge the downtrending angle at 4695.75. Taking out this angle will set up the index for a test of the reversal top at 4706.75.
Taking out 4706.75 will negate the chart pattern and likely trigger a further rally into the next downtrending angle at 4712.75. This is the last potential resistance angle before the 4729.75 main top.
A failure to hold 4663.25 will indicate the presence of sellers. The first target is a downtrending angle at 4661.75. This price is a trigger point for a steep downside move. The next target is last week’s minor bottom at 4620.00. This is followed by a steep uptrending angle at 4599.00.
Watch the price action and read the order flow at 4663.25 today. Trader reaction to this level will tell us whether the bulls or the bears are in control.