E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – June 22, 2018 Forecast
September E-mini NASDAQ-100 Index futures are trading better shortly before the cash market opening. Buyers are trying to recover from yesterday’s closing price reversal top and subsequent confirmation earlier today.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 7358.50 will negate the reversal top and signal a resumption of the uptrend.
A trade through today’s intraday low at 7222.00 will indicate the selling is getting stronger. A move through 7157.50 will change the main trend to down.
The short-term range is 7157.50 to 7358.50. Its 50% level or pivot at 7258.00 is controlling the direction of the index today.
The next short-term range is 7101.50 to 7358.50. Its retracement zone at 7230.00 to 7199.50 is new support.
The main range is 6855.00 to 7358.50. Its retracement zone at 7107.00 to 7047.50 is the primary downside target.
Daily Technical Forecast
Based on the early trade, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the 50% level at 7258.00 and the 50% level at 7230.00. Inside this range is an uptrending Gann angle at 7236.00.
A sustained move over 7258.00 will indicate the presence of buyers. This could generate the upside momentum needed to challenge yesterday’s high at 7358.50. This is the trigger point for an acceleration to the upside.
A sustained move under 7230.00 will signal the presence of sellers. This could spike the index into a support cluster at 7199.50 to 7191.00. Since the trend is up, look for buyers to show up on the first test of this area.
Look for a possible acceleration into 7157.50 if 7191.00 fails as support.
Basically, look for the index to strengthen over 7258.00 and weaken under 7230.00
This article was originally posted on FX Empire
