E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – February 27, 2018 Forecast

March E-mini NASDAQ-100 Index futures are trading lower shortly after the cash market opening. So far the testimony of new Fed Chair Jerome has fueled a two-sided trade, first moving higher then turning lower.

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade though 7047.25 will change the main trend to up. The early price action suggests investors will have to watch for the formation of a potentially bearish closing price reversal top.

The minor trend is up. It will turn lower on a move through 6694.75. This move will also indicate a shift in momentum to the downside.

The key support is the retracement zone at 6709.75 to 6605.50. This zone is controlling the longer-term direction of the index.

Daily Technical Forecast

Based on the early trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the long-term downtrending Gann angle at 6967.25.

A sustained move over 6967.25 will signal the presence of buyers. This could generate the upside momentum need to retest today’s intraday high at 7009.00. If the buying extends beyond this level then look for a possible test of 7047.25.

A sustained move under 6967.25 will indicate the presence of sellers. This could trigger an acceleration into a pair of Gann angles at 6887.25 and 6868.00.

The daily chart starts to open up under 6868.00. This is the trigger point for a steep break. The next major target under this uptrending Gann angle is 6709.75.