E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 1, 2018 Forecast

March E-mini NASDAQ-100 Index futures are trying to claw back from earlier losses. At 1526 GMT, the index is trading 6847.75, down 17.25 or -0.25%.

Daily Technical Analysis

The main trend is up according to the daily swing chart, but momentum has shifted to the downside with the formation of the closing price reversal top at 7009.00 on February 27. A trade through this level will negate the chart pattern and signal a resumption of the uptrend.

If the selling continues, the first downside target is the main retracement zone at 6709.75 to 6605.50.

The short-term range is 6164.00 to 7009.00. Its retracement zone at 6586.50 to 6485.50 is the primary downside target.

Since the main trend is up, buyers could come in on a test of these levels.

A trade through 6694.75 will change the minor trend to down.

Daily Technical Forecast

Based on the early price action, the direction of the index the rest of the session is likely to be determined by trader reaction to the steep downtrending Gann angle at 6881.00.

A sustained move under 6881.00 will indicate the presence of sellers. The daily chart indicates there is plenty of room to the downside with 6709.75 the first downside target.

Overtaking 6881.00 will signal the presence of buyers. This could trigger a labored rally with the first target angle dropping in at 6945.00. Overtaking this angle could lead to a test of a series of downtrending Gann angles at 6977.00 and 6993.0. The latter is the last potential resistance angle before the 7009.00 main top.

Basically, the chart indicates the way of least resistance is down. A rally is likely to be labored.