E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 11, 2019 Forecast

March E-mini NASDAQ-100 Index futures are trading slightly higher early Monday. The index is in a position to take out Friday’s high. The price action suggests that investors have digested Friday’s mixed U.S. Non-Farm Payrolls report. Furthermore, investors may feel renewed optimism over U.S.-China trade relations, which could be offsetting any concerns over the slowing global economy.

At 03:47 GMT, March E-mini NASDAQ-100 Index futures are trading 7028.50, up 1.75 or +0.02%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The index is not in a position to change the main trend to up, but there is room for a move into a short-term retracement area. A trade through 6939.00 will signal a resumption of the downtrend.

The main range is 6841.00 to 7211.50. Its retracement zone at 6982.50 to 7026.25 is currently being tested. Aggressive counter-trend buyers are trying to establish a support base in this area. An additional area to watch is the major Fibonacci level at .7022.25.

The short-term range is 7211.50 to 6939.00. If the counter-trend rally continues then its retracement zone at 7075.25 to 7107.50 will become the primary upside target. Since the main trend is down, sellers could show up on a test of this zone.

Daily Technical Forecast

Based on the current price at 7028.50, the direction of the March E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to the 50% level at 7026.25.

Bullish Scenario

A sustained move over 7026.25 will indicate the presence of buyers. If this move generates enough upside momentum then look for the rally to extend into the downtrending Gann angle at 7051.50. Look for a technical bounce on the first test of this angle.

Taking out 7051.50 will indicate the buying is getting stronger. This could trigger a rally into the short-term 50% level at 7075.25. Once again, look for sellers on the first test of this level. This is also a potential trigger point for an acceleration into the short-term Fibonacci level at 7107.50.

Bearish Scenario

A sustained move under 7026.75 will signal the presence of sellers. The first target is the main Fibonacci level at 7022.25. If this fails then look for the selling to extend into the uptrending Gann angle at 7001.00. A failure at this angle could spike the market into the Fibonacci level at 6982.50.

The Fib level at 6982.50 is the trigger point for an acceleration to the downside with the next two targets 6939.00 and 6921.00.