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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 10, 2019 Forecast

June E-mini NASDAQ-100 Index futures are trading slightly higher on Wednesday. Volume is light shortly before the cash market opening. It could remain light throughout the session ahead of the release of the minutes of the March U.S. Federal Reserve policy meeting. Traders are expecting the minutes to reiterate the Fed’s dovish message. Look for volatility if there is an even more dovish surprise that raises concerns over slowing economic growth.

At 12:33 GMT, June E-mini NASDAQ-100 Index futures are trading 7607.25, up 14.00 or +0.16%.

Daily June 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 may be setting up to shift to the downside following Tuesday’s closing price reversal top. A trade through 7633.75 will negate the closing price reversal top and signal a resumption of the uptrend.

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The market is not in a position to change the main trend to down, but there is room for a normal correction into the retracement zone at 7454.75 to 7412.75.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini NASDAQ-100 Index on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 7596.00.

Bullish Scenario

A sustained move over 7596.00 will indicate the presence of buyers. If this generates enough upside momentum then look for the rally to possibly extend into 7633.75. Taking out this minor top could trigger an acceleration into the uptrending Gann angle at 7701.75. Overtaking this angle will put the index in a bullish position.

Bearish Scenario

A sustained move under 7596.00 will signal the presence of sellers. This could trigger an acceleration to the downside with a 50% level at 7454.75 the first downside target. This is followed by an uptrending Gann angle at 7436.00, followed by a Fibonacci level at 7412.75.

Since the main trend is up, look for buyers to come in on a test of 7454.75 to 7412.75.

This article was originally posted on FX Empire

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