E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 30, 2017 Forecast

June E-mini NASDAQ-100 Index futures are trading lower shortly before the cash market opening. The index made a new contract high earlier when it took out 5441.00, however, the buying dried up after the index hit 5451.00.

Typically, an index reaches the window of time for a closing price reversal top during the 7 to 10 day time period from a main bottom. Today is only the sixth day up from the 5315.00 main bottom from March 22, however, the early price action suggests a closing price reversal top may be forming.

This pattern doesn’t mean the trend is changing to down, but it does indicate that the selling is greater than the buying at current price levels.

This being said, watch the trader reaction to yesterday’s close at 5436.00. This price may act like a pivot today.

If sellers come in strong today then look for a possible test of an uptrending angle at 5411.00. The daily chart is wide open to the downside with 5363.00 the next major downside target.