E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 9, 2018 Forecast

June E-mini NASDAQ-100 Index futures opened higher as widely expected. The buying is being driven by an easing of tensions over the simmering trade war between the United States and China. We could see some volatility throughout the session as reports are circulating Facebook founder Mark Zuckerberg is scheduled to talk to a couple of legislators before his testimony before Congress on Tuesday. The markets could move if he says something that makes the headlines.

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

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum may be shifting to the upside with the formation of the closing price reversal bottom on April 4.

A trade through 6306.75 will negate the reversal bottom and signal a resumption of the downtrend. This could lead to an eventual test of the next main bottom at 6192.50.

A move through 6654.50 will change the minor trend to up. This will also confirm the shift in momentum to up.

The rally could extend over 6654.50 with 6849.25 the next likely upside target.

The short-term range is 6306.75 to 6654.50. Its retracement zone at 6480.50 to 6439.50 is new support.

On the upside, resistance levels are layered at 6583.00, 6642.00, 6703.50 and 6760.75.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the short-term 50% level at 6480.50.

A sustained move over 6480.50 will indicate the presence of buyers. This could create the upside momentum needed to challenge 6583.00, 6642.00 and 6654.50. Look for the rally to pick up steam over 6654.50.

A sustained move under 6480.50 will signal the presence of sellers. This could lead to a quick test of 6439.50. This is the possible trigger point for an acceleration into 6306.75.

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.