E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 21, 2017 Forecast

June E-mini NASDAQ-100 Index futures are called higher based on the pre-market trade. The market is getting support from optimism in the crude oil market over the possibility of OPEC extending its output cuts and positive developments in France over the presidential election.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 5440.00 will negate the potentially bearish closing price reversal top and signal a possible resumption of the uptrend.

The new minor bottom is 5396.00. A trade through this level will change the minor trend to down and signal that the selling may be greater than the buying at current price levels.

Additional support is a short-term retracement zone at 5369.50 to 5353.00.

Forecast

Based on the current price at 5429.75, the direction of the index today will be determined by trader reaction to the uptrending angle at 5435.25.

A sustained move over 5435.25 will signal the presence of buyers. This could trigger a surge into 5440.00. Overtaking this price will mean a new record high.

The failure to overcome 5435.25 will indicate the presence of sellers. This could cause the index to drift sideways to lower unless there is bearish news.

If bearish news comes out then we could see a move into the cluster of potential support targets at 5369.50 and 4367.25. This is followed by another potential support cluster at 5356.00 and 5353.00.

Watch the price action and read the order flow at 5435.25 all session today.