E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 17, 2019 Forecast

June E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market opening. The rally is being supported in part by stronger-than-expected GDP data from China. The index is also being driven higher by a strong rally in the pre-market session by Qualcomm, a component of the technology index. The stock rose 23% on Tuesday after it settled a royalty dispute with Apple.

At 13:16 GMT, June E-mini NASDAQ-100 Index futures are trading 7725.50, up 46.00 or +0.60%.

E-mini NASDAQ-100 Index
Daily June E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed early today when buyers took out yesterday’s close. The trend is safe for now with the nearest main bottom coming in at 7276.00. However, due to the prolonged move up in terms of price and time, it is inside the window of time for a potentially bearish closing price reversal top.

The minor trend is up. A trade through 7598.75 will change the minor trend to down. This will shift momentum to the downside.

The short-term range is 7276.00 to 7727.00. Its retracement zone at 7499.50 to 7446.75 is the nearest support.

Daily Technical Forecast

Based on the current price at 7725.50 and the early upside momentum, buyers could take a run at the uptrending Gann angle at 7756.00 and the October 3, 2018 main top at 7767.00.

Overtaking 7767.00 will put the index in a strong position. This could trigger an acceleration to the upside with the next uptrending target angle coming in at 7413.75. Overtaking this angle will put the index in an extremely bullish position.

The inability to overtake 7756.00 will signal the presence of sellers. If this move begins to generate some downside momentum then look for a pullback into a pair of minor bottoms at 7598.75 to 7575.75.

If 7575.75 fail then look for the selling to possibly extend into an uptrending Gann angle at 7516.00, followed by a 50% level at 7499.50.

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.