E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – 6879.25 Trigger Point for Acceleration to Downside

March E-mini NASDAQ-100 Index futures are trading higher, but volume is well-below average. Traders attempted to break the index early, but the selling slowed shortly after taking out yesterday’s low and confirming Tuesday’s closing price reversal top.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, yesterday’s closing price reversal top may have slowed the upside momentum.

A trade through 7009.00 will negate the reversal top and signal a resumption of the uptrend.

The main range is 7047.25 to 6164.00. Its retracement zone at 6709.75 to 6605.50 is the primary downside target. Since the main trend is up, buyers are likely to show up on a test of this zone.

A trade through 6694.75 will change the minor trend to down.

Daily Technical Forecast

A sustained move over 6963.25 will indicate the presence of buyers. This could generate the upside momentum needed to challenge 7009.00 then 7047.25.

A sustained move under 6932.00 will signal the presence of sellers. This could trigger a fast break into another downtrending Gann angle at 6879.25.

The angle at 6879.25 is the trigger point for an acceleration to the downside with the next target coming in at 6709.75.