E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – February 28, 2019 Forecast

March E-mini NASDAQ-100 Index futures are trading lower shortly after the cash market opening as stronger-than-expected U.S. Advance GDP data were offset by the abrupt ending of nuclear talks between President Donald Trump and North Korean leader Kim Jong Un. Just a short while ago, Treasury Secretary Steven Mnuchin says the U.S. is getting closer to a deal with China.

“The deal is not done yet but we have made a lot of progress,” Mnuchin told CNBC’s “Squawk on the Street” Thursday. “We still have more work to do, and we hope to make progress this month.”

At 15:38 GMT, March E-mini NASDAQ-100 Index futures are trading 7104.50, down 17.00 or -0.23%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7168.50 will change the main trend to up. The main trend changes to down on a trade through 6841.00.

The minor trend is also up. A trade through 7005.00 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 7005.00 to 7168.50. Its 50% level or pivot at 7086.75 is controlling the direction of the index today.

The main range is 6841.00 to 7168.50. Its retracement zone at 7004.75 to 6966.00 is the primary downside target. A major Fibonacci level comes in at 7022.25. Since the main trend is up, look for buyers to step in on a test of these main retracement levels.

Daily Technical Forecast

Based on the early price action, the direction of the March E-mini NASDAQ-100 Index on Thursday is likely to be determined by trader reaction to the pivot at 7086.75.

Bullish Scenario

A sustained move over 7086.75 will indicate the presence of buyers. This could trigger a rally into the downtrending Gann angle at 7120.50. Taking out this angle could trigger a move into the next downtrending Gann angle at 7156.50. This is the last potential resistance angle before the main top at 7168.50 and the December 3 main top at 7169.00.

Bearish Scenario

The failure to overcome 7120.50 will indicate the buying is getting weaker. A sustained move under 7086.75 will signal the presence of sellers. The first downside target is the downtrending Gann angle at 7072.50.

Crossing to the weak side of the angle at 7072.50 will indicate the selling is getting stronger with the uptrending Gann angle at 7049.00 the next target. If this fails then look for the selling to extend into the major Fibonacci level at 7022.25, followed by the minor bottom at 7005.00 and the main 50% level at 7004.75.