E-mini NASDAQ-100 Index

NASDAQ-100 Index (NQ) Futures Technical Analysis – April 30, 2019 Forecast

June E-mini NASDAQ-100 Index futures are trading lower on Tuesday shortly after the opening after Google’s parent Alphabet plunged in reaction to weak first-quarter results.

Alphabet posted a revenue of $36.34 billion in the first quarter, versus $37.33 billion expected, driving the stock down more than 8%. The company said that weaker revenue was driven by the decelerating ad sales growth.

At 14:54 GMT, June E-mini NASDAQ-100 Index is trading 7797.75, down 15.50 or -0.21%.

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; however, momentum has been trending lower since the formation of the closing price reversal top on April 25 at 7879.50 and the subsequent confirmation.

A trade through 7879.50 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend is safe at this time, but there is room for a normal 50% to 61.8% correction.

The minor trend is down. This reaffirms the shift in momentum. A trade through 7755.50 will indicate the selling pressure is getting stronger.

The short-term range is 7879.50 to 7755.50. Its pivot at 7817.50 is controlling the direction of the index. The market is currently trading on the weak side of the pivot, giving the market a downside bias.

The intermediate range is 7660.25 to 7879.50. Its 50% level or pivot is 7769.75. This is potential support as well as the next pivot level at 7739.00.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 7783.50.

Bullish Scenario

A sustained move over 7783.50 will indicate the presence of buyers. This could trigger a test of the pivot at 7817.50. This is followed by downtrending Gann angles at 7831.50 and 7855.50. The latter is the last potential resistance angle before the 7867.75 minor bottom and the 7879.50 main top.

Bearish Scenario

A sustained move under 7783.50 will signal the presence of sellers. The first target is the pivot at 7769.75. This is followed by the minor low at 7755.50 and the pivot at 7739.00.

The daily chart is wide open under 7739.00 so what for a potential acceleration to the downside. The next target is the minor bottom at 7660.25, followed by the long-term uptrending Gann angle at 7644.00.

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.