E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 18, 2019 Forecast

June E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. Earlier in the session, the index was pressured by renewed concerns over the slowing global economy after the release of weaker-than-expected Euro Zone manufacturing PMI data. The index reversed course and turned higher for the session following the release of stronger-than-expected retail sales data.

At 13:46 GMT, June E-mini NASDAQ-100 Index futures are trading 7701.50, up 11.75 or +0.16%.

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. A trade through 7733.50 will signal a resumption of the uptrend. The main trend is safe for now, but there is room for a 50% to 61.8% correction.

The minor trend is also up. A trade through 7598.75 will change the minor trend to down. Taking out the next minor bottom at 7575.75 will reaffirm the shift in momentum to the downside.

If buyers take out 7733.50 then 7660.25 will become the new minor bottom.

The short-term range is 7276.00 to 7733.50. If the minor trend changes to down then its retracement zone at 7504.75 to 7450.75 will become the first downside target.

Daily Technical Forecast

Volume is expected to be light because of the upcoming long Easter holiday weekend. Therefore, be careful buying strength and selling weakness. Also there is the increased possibility of a choppy, two-sided trade.

If buyers decide to sustain the rally then look for the move to extend into this week’s high at 7733.50. If this is taken out then look for a spike into the all-time high at 7767.00.

If the selling pressure resumes then look for traders to make a run at the pair of minor bottoms at 7598.75 and 7575.75.

If 7575.75 fails as support then look for the selling to continue into an uptrending Gann angle at 7532.00 and the 50% level at 7504.75.

Additionally, taking out 7652.25 will turn the index lower for this holiday-shortened week.

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.