E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 6, 2019 Forecast

March E-mini NASDAQ-100 Index futures are trading lower at the mid-session on low volume and volatility as investors looked for signs that U.S.-China trade talks were progressing toward a near-term solution that would bring an end to the year-long trade dispute. Technology stocks hit their high for the week on Monday on growing fears that an agreement may be fully priced in.

At 15:55 GMT, March E-mini NASDAQ-100 Index futures are trading 7138.00, down 27.50 or -0.39%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum may be shifting to the downside due to the closing price reversal top formed on Monday.

A trade through 7211.50 will negate the closing price reversal top and signal a resumption of the uptrend. A move through 7074.50 will confirm the closing price reversal top and the shift in momentum to the downside.

The short-term range is 7048.00 to 7211.50. Its 50% level or pivot at 7129.75 is controlling the direction of the index on Wednesday.

The main range is 6841.00 to 7211.50. Its retracement zone at 7026.25 to 6982.50 is the primary downside target. Additional support is a major Fibonacci level at 7022.25.

Daily Technical Forecast

Based on the early price action, the direction of the March E-mini NASDAQ-100 Index futures contract on Wednesday is likely to be determined by trader reaction to the 50% level or pivot at 7129.75.

Bullish Scenario

A sustained move over 7129.75 will indicate the presence of buyers. If this move is able to generate enough upside momentum then look for a potential surge into the steep uptrending Gann angle at 7208.00. Overcoming this angle will put the index in a bullish position.

Bearish Scenario

A sustained move under 7129.75 will signal the presence of sellers. The first target is a short-term uptrending Gann angle at 7128.00. This is followed closely by another uptrending Gann angle at 7113.00.

Look for an acceleration to the downside if 7113.00 fails as support. This could drive the index into another uptrending Gann angle at 7088.00. This angle stopped the selling on Monday. This is the last potential support angle before the 7048.00 main bottom.