E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 13, 2018 Forecast

June E-mini NASDAQ-100 Index futures are set to open higher based on the pre-market trade. The rally is being supported by tame inflation data, but gains are being limited by the firing of Secretary of State Tillerson.

Daily Technical Analysis

The main trend is up according to the daily swing chart. There is no resistance, but today’s session begins with the index in the window of time for a closing price reversal top. This means traders should watch the price action and read the order flow on a test of yesterday’s close at 7165.75. Trader reaction to this level will tell us if the bulls or the bears are in control.

Daily Technical Forecast

Beside yesterday’s close at 7165.75, additional support is being provided by the steep uptrending Gann angle at 7124.00. This angle, moving up at a rate of 64 points per day, has been providing support since the 6676.00 bottom on March 2.

A failure to hold 6676.00 could trigger the start of a steep sell-off with the next major support angle coming in at 6900.00.

If you’re bullish, there is no resistance. However, conditions could shift fast if 7165.75 is taken out, followed by 7124.00.