E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 10, 2017 Forecast
December E-mini NASDAQ-100 Index futures are called higher on the cash market opening. Yesterday, the index formed a higher-high, lower-close which may be an early indication the selling is greater than the buying at current price levels.
A trade through 6084.00 will negate the chart pattern and signal a resumption of the uptrend. Taking out 6018.00 will confirm the chart pattern. This could lead to the start of a 2 to 3 correction.
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The current range is 5842.00 to 6084.00. If sellers take control of the market, we could see a move into its retracement zone at 5963.00 to 5934.25.
The first sign of strength today will be a move through 6084.00, if there is no follow-through to the upside, we could see a move to the downside. In other words, we’re not out of the woods for a stronger closing price reversal top. This would occur if there is a higher-high, lower-close, close below the opening and close below the mid-point of the day.
The nearest uptrending Gann angle comes in at 6018.00. This angle, moving at a rate of 8 points per day, has been guiding the market higher since September 25. We could see a technical bounce on the first test of this angle, but if it fails then look for an acceleration to the downside with 5963.00 the minimum target.
This market is being driven by momentum so we’re either going to see it increase on a move over 6084.00, or shift to the downside under 6018.00.