Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 2, 2019 Forecast
June E-mini NASDAQ-100 Index futures are edging lower on Tuesday. Early in the session, there was a slight follow-through to the upside after yesterday’s strong gains, however, there was very little buying volume to sustain the move. It’s too early to tell if this is an early indication of selling pressure, but we can conclude that the buying is weak at this time.
At 05:34 GMT, June E-mini NASDAQ-100 Index futures are trading 7490.25, down 8.25 or -0.11%.
Later today, investors will get the opportunity to react to the latest data on Durable Goods. Later in the week on Friday, the U.S. will report on non-farm payrolls, unemployment and wage growth. Traders are still expressing optimism over the progress of U.S.-China trade talks although no one seems to know when a deal will be announced.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 7544.75 will signal a resumption of the uptrend. The main trend will change to down on a trade through 7276.00.
The short-term range is 7544.75 to 7276.00. Holding above its retracement zone at 7442.00 to 7410.25 is helping to support the upside bias.
The main range is 6965.75 to 7544.75. Its retracement zone at 7255.25 to 7187.00 is the primary downside target and support zone.
Daily Technical Forecast
Based on the early price action, the direction of the June E-mini NASDAQ-100 Index on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 7509.75.
Bullish Scenario
A sustained move over 7509.75 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to possibly extend into the main top at 7544.75. Taking out this top is likely to fuel an acceleration to the upside.
Bearish Scenario
A sustained move under 7509.75 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the short-term Fibonacci level at 7442.00, followed by the short-term 50% level at 7410.25 then the uptrending Gann angle at 7404.00.
Look out to the downside if 7404.00 fails as support. Watch for a potential acceleration into the next target angle at 7340.00.
This article was originally posted on FX Empire
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