E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 20, 2019 Forecast

June E-mini NASDAQ-100 Index futures are trading flat on Wednesday as investors prepare for the release of the U.S. Federal Reserve’s interest rate and monetary policy decision. The Fed is widely expected to leave rates and policy unchanged. However, investors will be focusing on the Federal Open Market Committee’s economic projections. They are expected to show that policymakers have reduced the chances of a rate hike this year. This will be potentially bullish for the index, however, it may have already been priced into the market.

At 07:15 GMT, June E-mini NASDAQ-100 Index futures are trading .7376.75, unchanged.

The session also begins with renewed concerns over U.S.-China trade relations after a report from Bloomberg on Tuesday indicated that U.S. officials are worried China may be pushing back against U.S. demands in the countries’ ongoing trade talks.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through the October 16 main top at 7424.25 will signal a resumption of the uptrend. The main trend will change to down on a move through 6965.75. However, this move is unlikely to take place today. Nonetheless, the market is up eight sessions from the last main bottom, which puts the index in the window of time for a closing price reversal top.

The new short-term range is 6965.75 to 7421.25. Its retracement zone at 7193.50 to 7139.75 is the primary downside target.

Daily Technical Forecast

The nearest upside targets are yesterday’s high at 7421.25, followed closely by the October 16, 2018 main top at 7424.25. Overtaking this level will reaffirm the uptrend. This could trigger a surge into a steep uptrending Gann angle at 7477.75.

Overtaking the Gann angle at .7477.75 will put the index in an extremely bullish position.

On the downside, the first target is a steep uptrending Gann angle at 7221.75. This is followed by the short-term retracement zone at .7193.50 to 7139.75.