E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 20, 2017 Forecast

June E-mini NASDAQ-100 Index futures are trading lower shortly before the cash market opening. The earlier weakness took out last Thursday’s low which confirmed the closing price reversal top at 5440.00.

Technical Analysis

The main trend is up according to the daily swing chart, but momentum shifted to the downside with the formation of the closing price reversal top. A trade through 5440.00 will negate the closing price reversal top.

The short-term range is 5299.25 to 5440.00. Its retracement zone at 5369.50 to 5353.00 is the primary downside target. Since the main trend is up, we could see a technical bounce on the first test of this zone.

Forecast

Based on the current price at 5407.00, the first upside target is an uptrending angle at 5427.25. Overtaking this angle will indicate the presence of buyers. This could create enough upside momentum to challenge the high at 5440.00.

The daily chart indicates there is room to the downside with a cluster of numbers coming in at 5369.50, 5363.25, 5353.00 and 5348.00.

The daily chart starts to open up to the downside under 5348.00 with the next likely target angle coming in at 5331.25.