Yahoo Finance E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 17, 2018 Forecast
March E-mini NASDAQ-100 Index futures are called higher based on the pre-market trade. There was no follow-through to the downside following yesterday’s dramatic closing price reversal top.
A trade through 6729.25 will confirm the chart pattern. This could fuel the start of a 2 to 3 day correction, or a 50% retracement of the current rally. It will not mean the trend is changing to down.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 6845.75 will negate the closing price reversal top and signal a resumption of the uptrend.
The main range is 6383.25 to 6845.75. Its retracement zone at 6614.50 to 6560.00 is the primary downside target. If sellers take out 6729.25 with conviction, we could see the start of a correction with the 50% level at 6614.50 the primary downside target.
Daily Technical Forecast
Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the steep uptrending Gann angle at 6735.25.
A sustained move over 6735.25 will signal the presence of buyers. This could generate the upside momentum needed to challenge or even take out 6845.75.
A sustained move under 6735.25 will indicate the presence of sellers. Taking out 6729.25 will indicate the selling is getting stronger. The next target angle comes in at 6698.75.
The angle at 6698.75 is a potential trigger point for an acceleration into the 50% level at 6614.50.
This article was originally posted on FX Empire
