Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 18, 2018 Forecast
March E-mini NASDAQ-100 Index futures are called lower based on the pre-market trade. Investors may be on edge, as concerns over a possible government shutdown weighs on sentiment.
Daily Technical Analysis
The main trend is up according to the daily swing chart. However, the market is trading inside Tuesday’s range for a second day, indicating that momentum may be getting ready to shift to the downside.
A trade through 6845.75 will negate the closing price reversal top and signal a resumption of the uptrend.
A move through 6729.25 will confirm the closing price reversal top. This could trigger the start of a 2 to 3 day correction, or a 50% correction of the current rally.
The main range is 6383.25 to 6845.75. If there is a sell-off then its retracement zone at 6614.50 to 6560.00 will become the primary downside target.
Daily Technical Forecast
Based on the early price action, the key Gann angle to watch is the steep uptrending angle at 6767.25. This angle, moving up at a rate of 16 points per day, has been guiding the index higher for 12 sessions.
A sustained move over 6767.25 will indicate the presence of buyers. This could create the upside momentum needed to challenge 6845.75.
If the angle at 6767.25 fails as support then we could see a break into the longer-term uptrending Gann angle at 6714.75. This angle is a possible trigger point for an acceleration to the downside with 6614.50 the next major target.
This article was originally posted on FX Empire
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