Based on the current price action, the index should be able to maintain its upside bias as long as it remains on the strong side of the Fibonacci level at 6709.75 and the steep uptrending Gann angle at 6676.00.
March E-mini NASDAQ-100 Index futures are trading higher at the mid-session. It is also performing better than the Dow and S&P 500 Index.
The main trend is down according to the daily swing chart. However, momentum is trending higher.
The minor trend is up. It turned up earlier today when buyers took out the minor top at 6717.75. The move turned momentum to the upside.
The main range is 7047.25 to 6164.00. Its retracement zone is 6605.50 to 6709.75. Trading on the strong side of this zone is also giving the market an upside bias.
Based on the current price action, the index should be able to maintain its upside bias as long as it remains on the strong side of the Fibonacci level at 6709.75 and the steep uptrending Gann angle at 6676.00.
If the upside momentum continues then look for a rally into the next downtrending Gann angle at 6839.25. We could see a technical bounce on the first test of this angle. However, it is also the trigger point for an acceleration to the upside with the next target angle coming in at 6943.25.
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.