Emini Nasdaq (NQ) Daily Technical Analysis

Daily Technical Analysis & Forecast

I’m quite unsure of which way the NQ wants to go today but there is some strength in Tech sector that may cause a move up. However, the closing price reversal isn’t suggesting much more than a shift in momentum for today to the downside. Personally, I took a swing trade short with the NQ as a MOC order averaging 6315.50 and closed it in the Globex session today at 6284 knowing that the day session, as always is bi-polar when it comes to agreement on price.

Trading through the Globex high made on Thu (6351.50) will signal a continuation, moving below my DailyTarget read of 6267 today would be suggestive of us seeking lower pastures and eventually taking out the 6200-handle. The price action is also being controlled by a number of retracement levels.

The short-term range is 6351.50 ~ 6267. I would put the pivot around 6303.

Look for a sustained move above 6301 today to hold, below here would seek a test in the 6275 region and if that does not hold, the lower target of 6267 will likely form a decent intraday support barrier. Below here on volume heading into the weekend suggests 6255 initially and then 6245 area.

The daily chart starts to open up to the downside under 6245 and as I said earlier, below here has wide open areas into and under 6100. 

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