E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – February 9, 2018 Forecast

March E-mini NASDAQ-100 Index futures are trading slightly better shortly before the cash market opening. During the pre-market session, the index took out yesterday’s low, but the selling stopped above this week’s low at 6260.25 and a pair of main bottoms at 6250.00 and 6247.00.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 6260.25 will signal a resumption of the downtrend. Taking out 6250.00 then 6247.00 will indicate the selling is getting stronger. This could trigger an acceleration to the downside with the October 25 bottom at 6024.00 the next major target.

The short-term range is 6260.25 to 6717.75. Its retracement zone at 6435.00 to 6489.00 is the nearest upside target zone.

The main range is 7047.25 to 6260.25. Its retracement zone at 6653.75 to 6746.75 is the primary upside target. This zone stopped the rally on Wednesday at 6717.75.

Daily Technical Forecast

On the downside, we’re going to be watching the price action and reading the order flow on a test of 6260.25 because there is always the possibility it holds as support, or even if it fails, a closing price reversal bottom forms.

We may be able to sell momentum through any of the lows at 6260.25, 6250.00 and 6247.00, but we have to make sure we have selling volume behind us, or we could see a quick intraday reversal.

Since the trend is down, we’re likely to see sellers defend the trend on tests of the short-term Fib at 6435.00, a steep downtrending Gann angle at 6471.25 and the short-term 50% level at 6489.00.

The trigger point for an acceleration to the upside is 6489.00. The daily chart shows there is room up to 6653.75 then 6717.75, 6746.75 then another downtrending Gann angle at 6759.25.