E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 23, 2018 Forecast

June E-mini NASDAQ-100 Index futures are trading flat shortly before the cash market open. The index has taken back all of its earlier losses, suggesting that momentum may be shifting back to the upside.

Today’s session also begins with the index in the window of time for a possible closing price reversal bottom. This may not mean the trend is turning back up, but it could be an indication that the buying is greater than the selling at current price levels.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down on Thursday when sellers took out 6676.00.

A trade through 6594.25 will indicate the selling is getting stronger. This is the trigger point for a possible acceleration to the downside. The daily chart indicates there is plenty of room to the downside with 6192.50 the next major target.

The main range is 6192.50 to 7214.50. Its retracement zone at 6703.50 to 6583.00 is controlling the direction of the index.

The short-term range is 7214.50 to 6594.50. If today’s intraday rally gains traction then its retracement zone at 6903.50 to 6976.50 will become the primary upside target.

Daily Swing Chart Technical Forecast

Based on the early price action, look for an upside bias to develop on a sustained move over 6703.50 and for the downside bias to continue on a sustained move under 6583.00. Both level are trigger points for price accelerations.