E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – February 14, 2018 Forecast

March E-mini NASDAQ-100 Index futures are trading lower shortly after the cash market opening. The market is reversing earlier gains which drove the index to 6602.50, just slightly below a key 50% level. The catalyst behind the selling pressure is a stronger-than-expected U.S. consumer prices report which drove up U.S. Treasury yields and stoked fears of rising inflation and more aggressive rate hikes by the Fed.

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 trading lower. 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 acting like resistance.

The intermediate range is 6717.75 to 6164.00. Its downside target support is the 50% level at 6440.75.

The short-term range is 6164.00 to 6602.50. Its retracement zone at 6383.25 to 6331.50 is the primary downside target. This zone may be controlling the near-term direction of the index.

Daily Technical Forecast

Based on the early price action, it looks as if the selling pressure may be over. This makes the 50% level at 6605.75 the level to watch today.

A sustained move over 6605.75 will signal the presence of buyers. This could drive the index into a downtrending Gann angle at 6663.25. This is a potential trigger point for an acceleration into the Fibonacci level at 6710.00.

The minor top at 6717.75 may be the trigger point for an acceleration to the upside with the next target angle coming in at 6855.25.

The inability to sustain a rally over 6605.75 will signal the presence of sellers. The daily chart is wide open to the downside with targets lined up at 6440.75, 6383.25, 6356.00 and 6331.50.

The daily chart starts to open up under 6331.50 with the next targets 6260.00, 6212.00 and 6188.00. The latter is the last potential support angle before 6164.00.