E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – February 8, 2018 Forecast

March E-mini NASDAQ-100 Index futures were trading slightly higher shortly ahead of the cash market opening. The pre-market trade was light and volatility relatively low. However, traders looked a little tentative after the steep sell-off earlier in the week.

Daily Technical Analysis

The main trend is down according to the daily swing chart. Traders are trying to shift momentum back to the upside after putting in a closing price reversal bottom on Tuesday.

A trade through 6717.75 will change the minor trend to up. This will also shift momentum.

The main range is 7047.25 to 6260.25. Its retracement zone at 6653.75 to 6746.75 is acting like resistance.

The minor range is 6260.25 to 6717.75. Its retracement zone at 6489.00 to 6435.00 is acting like support.

Daily Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to a steep downtrending Gann angle at 6535.25.

A sustained move to the strong side of the downtrending Gann angle at 6535.25 will indicate the presence of buyers. This could create the momentum needed to challenge the 50% level at 6653.75. This is a possible trigger point for an acceleration into the minor top at 6717.75, the Fibonacci level at 6746.75 and the downtrending Gann angle at 6791.25.

The angle at 6791.25 is a possible trigger point for an acceleration to the upside with 6919.25 the next major target.

A sustained move under 6535.25 will signal the presence of sellers. The first target is the short-term 50% level at 6489.00. This is followed by the short-term Fib level at 6435.00. Aggressive counter-trend buyers may try to form a secondary higher bottom inside the 50% to 61.8% zone.

If 6435.00 fails then watch for a possible test of 6260.25.