E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – February 13, 2018 Forecast

March E-mini NASDAQ-100 Index futures are trading higher shortly ahead of the cash market opening. The index is trading inside yesterday’s range which suggests investor indecision and impending volatility.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 6164.00 will signal a resumption of the downtrend.

The minor trend is also down. A move through 6717.75 will change the minor trend to up.

The main range is 7047.25 to 6164.00. Its retracement zone at 6605.75 to 6710.00 is the primary upside target. Since the main trend is down, sellers may show up on a test of this area.

The short-term range is 6717.75 to 6164.00. Its retracement zone at 6440.75 to 6506.25 is currently being tested. Trader reaction to this zone could set the tone for the day.

Daily Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the short-term Fib at 6506.25.

A sustained move over 6506.25 will signal the presence of buyers. This could create the momentum needed to challenge 6605.75, followed by a downtrending Gann angle at 6695.25 and a Fib level at 6710.00. Since the main trend is down, sellers could come in on a test of these levels.

A sustained move under 6506.25 will indicate the presence of sellers. This could drive the index into 6440.75. This price is a possible trigger point for an acceleration to the downside with a potential target coming in at 6343.25.

Crossing to the weak side of 6343.25 will signal that the selling is getting stronger. This could trigger the start of a steep break with 6164.00 the next major target.