E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Close Under 8461.25 Patterns Potentially Bearish Closing Price Reversal Top
The principal trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session. A trade within the intraday high at 8552.75. will signal a continuation of the uptrend.
The principal trend will change to down on a trade through 8164.75. This is highly unlikely, but the index is inside the window of time for a closing price reversal top.
A close below 8461.25 will form a closing price reversal peak. This chart pattern won’t show a change in trend, but it will show the selling is greater than the buying at prevailing price levels. If confirmed on Monday, it could lead to a two to three-day correction.
The minor trend is also up. A trade through 8297.00 will change the minor trend to down. This will also shift momentum to the downside.