E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Downside Targets are 6815.50 and 6792.75

A close under 6877.75 will form a potentially bearish closing price reversal top on the weekly chart. If confirmed next week, this could trigger the start of a 2 to 3 week counter-trend break.
James Hyerczyk
E-mini NASDAQ-100 Index

March E-mini NASDAQ-100 Index futures are trading lower at the mid-session. The selling pressure is being driven by renewed concerns over U.S.-China trade negotiations and the slowing global economy. Investors are dumping risky assets because of uncertainty over the timing of a U.S.-China trade deal. Additionally, central banks have been lowering their outlooks for their respective economies, encouraging investors to book profits and move money into safe-haven assets.

At 1640 GMT, March E-mini NASDAQ-100 Index futures are trading 6857.00, down 50.50 or -0.71%.

Daily March E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been trending lower since the formation of the closing price reversal top on February 6.

A trade through 7038.75 will negate the reversal top and signal a resumption of the uptrend. The main trend will change to down on a trade through 6592.25.

The major retracement zone is 6792.75 to 7022.25. This zone is controlling the longer-term direction of the index. Currently, the index is trading inside this zone, neutralizing the rally.

The main range is 6592.25 to 7038.75. Its retracement zone is 6815.50 to 6762.75. Trading inside this zone is the major 50% level at 6792.75.

Daily Swing Chart Technical Forecast

Bearish Scenario

If the downside momentum continues then look for sellers to drive the index into the minor 50% level at 6815.50. If this fails then look for the selling to extend into the major 50% level at 6792.75, followed by the major Fibonacci level at 6762.75. Since the main trend is up, buyers are likely to step in on a test of any of these levels.

Bullish Scenario

The new short-term range is 7038.75 to 6841.00. If this range remains intact then look for a potential retracement into 6940.00.

Weekly Closing Price Reversal Top

A close under 6877.75 will form a potentially bearish closing price reversal top on the weekly chart. If confirmed next week, this could trigger the start of a 2 to 3 week counter-trend break.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.