E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – April 1, 2019 Forecast

Upbeat Chinese Manufacturing PMI data is helping to underpin June E-mini NASDAQ-100 Index futures shortly before the cash market opening. The news has softened concerns over a global economic slowdown, while driving up demand for riskier assets. Investors are also expressing optimism that the latest U.S.-China trade talks lead to a deal to end the year-long trade dispute.

At 14:25 GMT, June E-mini NASDAQ-100 Index futures are trading 7474.25, up 73.75 or +0.99%.

Earlier today, investors showed little reaction to mixed U.S. Retail Sales data. Later today, investors will have the opportunity to reaction to the latest U.S. Manufacturing PMI. The report could move the markets.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7544.75 will reaffirm the uptrend. A move through 7276.00 will change the main trend to down.

The minor trend is also up. It turned back up earlier today when buyers took out 7447.50. This shifted momentum to the upside.

The main range is 6965.75 to 7544.75. Its retracement zone at 7255.25 to 7187.00 is the primary downside target.

The minor range is 7544.75 to 7276.00. Its retracement zone is 7410.25 to 2402.00. Trading on the strong side of this zone today is helping to generate an upside bias. This zone is new support.

Daily Technical Forecast

Based on the early price action and the current price at 7474.75, the direction of the June E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the uptrending Gann angle at 7477.75.

Bullish Scenario

A sustained move over 7474.75 will indicate the presence of buyers. If this creates enough upside momentum then look for buyers to make a run at 7544.75.

Bearish Scenario

A failure at 7474.75 will signal the presence of sellers. This could drive the market into the short-term retracement zone at 7442.00 to 7410.25. This is followed by a short-term uptrending Gann angle at 7372.00. We could see a technical bounce on the first test of this angle, but if it fails then look for the selling to extend into the next uptrending Gann angle at 7324.00.