E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 26, 2019 Forecast

Technology shares are trading higher shortly after the cash market opening. The move is being helped by a slight rise in Treasury yields which is helping to ease fears of a U.S. recession while increasing demand for higher risk assets.

At 13:45 GMT, June E-mini NASDAQ-100 Index futures are trading 7422.75, up 67.50 or +0.89%.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower due to the formation of the closing price reversal top on Friday and its confirmation on Monday. A trade through 7544.75 will negate the closing price reversal top and signal a resumption of the uptrend.

The minor trend is down according to the daily swing chart. This is helping to confirm the shift in momentum. A trade through 7544.75 will change the minor trend to up. A trade through 7290.00 will reaffirm the down trend.

The main range is 6965.75 to 7544.75. Its retracement zone at 7255.25 to 7187.00 is the primary downside target.

The short-term range is 7544.75 to 7290.00. Its retracement zone at 7417.50 to 7447.50 is the primary upside target. This zone is currently being tested. Trader reaction to this zone is likely to determine the direction of the index on Tuesday.

Daily Technical Forecast

Based on the early price action and the current price at 7422.75, the direction of the June E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the 50% level at 7417.50 and the downtrending Gann angle at 7416.75.

Bullish Scenario

A sustained move over 7417.50 will indicate the presence of buyers. If this move generates enough upside momentum, the index could test a series of levels including the Fib level at 7447.50, and a pair of downtrending Gann angles at 7480.75 and 7512.75.

Bearish Scenario

A sustained move under 7416.75 will signal the presence of sellers. This could trigger a break into the uptrending Gann angle at 7349.75. This is a potential trigger point for an acceleration into 7290.00, followed by a major 50% level at 7255.25.