E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Key Level to Watch into Close is 9106.25

March E-mini NASDAQ-100 Index futures are trading higher into the close on Wednesday. The index is being primarily driven by a stellar performance in shares of Apple. Shares of the company rose 3% to a record high of $327.25 in early trading.

The rally was fueled by a rebound in sales of Apple Inc.’s iPhones after a year of decline and strong demand for new models, spurred by trade-in programs and heavy discounts on older models, which are likely to drive growth throughout the year.

At least 15 brokerages raised their price targets on the company’s stock on Wednesday, with D.A. Davidson setting the most bullish price target of $385, well above the stock’s current median price target of $325.

At 20:45 GMT, March E-mini NASDAQ-100 Index futures are trading 9124.25, up 19.00 or +0.21%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 9287.25 will signal a resumption of the uptrend. A move through 8925.50 will change the main trend to down.

The short-term range is 9287.25 to 8925.50. Its retracement zone at 9106.25 to 9149.00 is currently being tested. Trader reaction to this zone will determine the near-term direction of the index.

Aggressive counter-trend sellers are trying to stop the rally in an effort to form a secondary lower top. Buyers are going to try to trigger a breakout over 9149.00.

The intermediate range is 8678.00 to 9287.25. Its retracement zone is potential support. This zone stopped the selling earlier in the week at 8925.50.

Daily Technical Forecast

Based on the early price action and the current price at 9124.25, the direction of the March E-mini NASDAQ-100 Index futures contract into the close is likely to be determined by trader reaction to the short-term 50% level at 9106.25.

Bullish Scenario

A sustained move over 9106.25 will indicate the presence of buyers. The next upside target is the short-term Fibonacci level at 9149.00. This level stopped the rally earlier in the session.

Taking out 9149.00 could trigger a surge into the next downtrending Gann angle at 9191.25.

Bearish Scenario

A sustained move under 9106.25 will signal the presence of sellers. The next two downside targets are 9095.25 and 9053.50.

The uptrending Gann angle at 9053.50 is a potential trigger point for an acceleration to the downside with the next targets 8989.50 and 8982.50.