Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – October 6, 2017 Forecast
December E-mini NASDAQ-100 Index futures are called lower shortly before the cash market opening. Traders are reacting to a mixed U.S. Non-Farm Payrolls report.
Daily Technical Analysis
The main trend is up according to the daily swing chart. However, today’s session begins with the index in the window of time for a potentially bearish closing price reversal top.
Earlier in the session, the index traded through yesterday’s high. This signal a continuation of the uptrend.
Buyers can take out the intraday high at 6071.50 and continue the rally, or it could turn lower and form a closing price reversal top. The key level to watch is yesterday’s close at 6065.75.
If the selling pressure is strong enough the market could collapse into the nearest uptrending Gann angle at 5986.00.
Daily Forecast
Where going to treat yesterday’s high at 6068.00 like an intraday pivot today. Trader reaction to this level could set the tone for the day.
Read the order flow. If buyers are in control they are going to try to push the index higher. If sellers are in control then they will try to form a reversal top.
This article was originally posted on FX Empire
