E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 13, 2019 Forecast

March E-mini NASDAQ-100 Index futures are expected to open the regular session sharply higher based on the pre-market trade. Investors are shrugging off concerns over Brexit although this could be a source of worries later in the session.

Yesterday’s mixed U.S. consumer inflation report could also be supporting the rally. Treasury yields fell on Tuesday following the release of the report, indicating that investors believe the Fed will continue to keep a rate hike on hold. Lower rates tend to be supportive for stock prices.

Strong technology stocks have been behind the rally, led mostly by a nearly 5-percent jump in shares of Apple this week. The stock is being boosted by an upgrade from Bank of America.

At 12:18 GMT, March E-mini NASDAQ-100 Index futures are trading 7234.00, up 27.50 or +0.38%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The nearest upside target is the November 8 main top at 7262.00. The trend is in no danger of changing to down. However, it is in a position to post a potentially bearish closing price reversal top.

The short-term range is 6939.00 to 7242.00. If prices begin to weaken then we could see an intraday correction into its pivot at 7090.50.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the March E-mini NASDAQ-100 Index on Wednesday is likely to be determined by trader reaction to yesterday’s close at 7206.50.

Bullish Scenario

A sustained move over 7206.50 will indicate the presence of buyers. If this continues to drive the upside momentum then look for a move into the November 8 main top at 7262.00. We could see a technical bounce on the first test of this level, but if it fails then look for an acceleration to the upside. The daily swing chart indicates there is plenty of room to the upside with the next major target the October 17 main top at 7403.25.

Bearish Scenario

A failure to hold on to today’s gains will signal the presence of sellers. This won’t mean the trend is getting ready to turn lower, but it could lead to the start of a 2 to 3 day correction. The first downside target is an intraday pivot at 7090.50, followed by a major Fibonacci level at 7022.25.