E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April …
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Look for the June E-mini NASDAQ-100 futures contract to open higher this morning based on the overnight trade. Volume is down because of Friday’s U.S. Non-Farm Payrolls report. This could spill over into today’s session, causing wicked swings. Traders should be careful about trading breakouts on the intraday charts because light volume usually means poor follow-through moves.
The first upside target today is a downtrending angle at 3676.25. Taking out this angle with conviction could trigger a rally into the next angle at 3694.25. This is the last major resistance before the main top at 3712.75.
Daily June E-mini NASDAQ-100 Index
There is room to the downside, but a couple of levels have to fail before the market reaches its main target at 3615.25. The minor support levels are 3642.50 and 3640.25.
Crossing over to the bullish side of a steep uptrending angle at 3695.25 will be a sign of strength if it is accompanied by strong volume.
There is a bullish tone developing today based on the price action, but this could fool traders into thinking the long side is the way to go today because of the light volume. Look for good intraday setups and steady moves. Volatile moves could set up bull and bear traps throughout the session which could get expensive.
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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April …
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