E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 22, 2017 Forecast
December E-mini NASDAQ-100 Index futures are trading lower shortly after the opening after an early session rally failed to attract enough buyers to sustain the rally. Volume is extremely low and could continue to drop throughout the session. This could lead to a sideway trade, however, the market will still be susceptible to volatile two-sided swings especially in reaction to today’s release of the minutes of the Federal Reserve monetary policy meeting.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The market isn’t in a position to change the main trend to down, but it may be vulnerable to a potentially bearish closing price reversal top chart pattern.
Daily Technical Forecast
Based on the early price action, the direction of the index today will be determined by trader reaction to the steep uptrending angle at 6390.75.
Overtaking and sustaining a rally over 6390.75 will put the index in an extremely bullish position.
A sustained move under 6390.75 will signal the presence of sellers. The daily chart indicates there is plenty of room to the downside with the next target an uptrending Gann angle at 6331.75, followed by another at 6310.75.
Today’s price action will be determined by momentum. If we don’t have it because of the holiday trade then the index may straddle 6390.75 all session.
Be careful buying strength and selling weakness today because of the low volume. Watch the price action and read the order flow at 6390.75 all session.
This article was originally posted on FX Empire
