E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 2, 2018 Forecast

March E-mini NASDAQ-100 Index futures are called lower based on the early trade. At 1302 GMT, the index is trading 6679.50, down 81.25 or -1.20%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, 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.

The minor trend changed to down earlier today on the move through 6694.75.

The main retracement zone is 6709.75 to 6605.50. This zone is currently being tested. It is controlling the longer-term direction of the index. It could also develop into support.

The main range is 6164.00 to 7009.00. Its retracement zone at 6586.50 to 6486.75 is the primary downside target.

Combining the two zones creates a potential support cluster at 6605.50 to 6586.50. Since the main trend is up, buyers could return on a test of this area.

Daily Technical Forecast

Based on the current price and the earlier price action, the direction of the index the rest of the session is likely to be determined by trader reaction to the main Fibonacci level at 6709.75.

A sustained move under 6709.75 will indicate the presence of sellers. This could trigger a spike into a Gann angle/50% support cluster at 6612.00 to 6605.50, followed by another 50% level at 6586.50. Since the main trend is up, we could see a technical bounce on a test of this area.

If 6586.50 fails as support, we could see an acceleration to the downside with the Fib level at 6486.75 the next target. This is another trigger point for an extended break into an uptrending Gann angle at 6388.00.

Overtaking 6710.00 and sustaining the move will signal the presence of buyers. This could create the upside momentum needed to challenge the next downtrending Gann angle at 6817.00. This is a possible trigger point for an acceleration into another downtrending Gann angle at 6913.00.