Daily June E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – May 13, 2014 Forecast

June E-mini NASDAQ-100 futures are trading better this morning. The main uptrend was reaffirmed overnight when the index traded through the swing top at 3605.50. This puts the index in a position to challenge the April 24 top at 3618.25.

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

The main range is 3733.25 to 3404.75. During the overnight session, the index crossed over to the bullish side of the retracement zone at 3569.00 to 3607.75. Early support has been established on the upper or Fibonacci level at 3607.75.

A sustained move under the Fib level could attract fresh selling pressure since the daily chart indicates there is plenty of room to the downside. The first target is the lower or 50% level at 3569, followed by a pair of uptrending angles at 3560.50 and 3556.75.

Overnight, the index opened on the weakside of a steep uptrending angle from the 3497.50 bottom, moving up at a pace of 32 points per day. This angle is at 3625.50 today. Overtaking this angle will put the market in a bullish position. This could create enough upside momentum to reach the next downtrending resistance angle at 3641.25.

Watch the order flow on a retest of the Fibonacci level at 3607.75. Holding this level will give the market a bullish tone. A sustained move under this level with increased volume could trigger the start of a meaningful correction. 

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.

Leave a Reply

Your email address will not be published. Required fields are marked *