E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 7, 2018 Forecast

March E-mini NASDAQ-100 Index futures are trading lower shortly after the cash market opening. Overnight, the index sold off sharply, but has since clawed back most of the overnight losses.

Daily Technical Analysis

The main trend is down according to the daily swing chart. Unlike the other major indexes, the NASDAQ-100 is in a position to shift momentum to the upside.

A trade through 7009.00 will change the main trend to up. A move through 6646.00 will signal a resumption of the downtrend.

The minor trend is also down. A move through 6939.75 will change the minor trend to up.

The short-term range is 7009.00 to 6646.00. Its retracement zone at 6827.50 to 6870.50 is currently being tested. This zone is controlling the short-term direction of the index.

The major support is a longer-term retracement zone at 6709.75 to 6586.50. This zone is controlling the longer-term direction of the index.

Daily Technical Forecast

Based on the early trade, look for an upside bias to develop on a sustained move over 6870.50 and for a downside bias to develop on a sustained move under 6827.50.

A sustained move over 6870.50 will signal the presence of buyers. This could lead to a test of the downtrending Gann angle at 6865.00. This move could create the upside momentum needed to overcome 6939.75.

Taking out 6939.75 could lead to a test of additional downtrending Gann angles at 6961.00 and 6985.00. The latter is the last potential resistance angle before 7009.00.

A sustained move under 6870.50 will indicate the presence of sellers. This is followed by a steep uptrending Gann angle at 6838.00 and a 50% level at 6827.50.

Taking out 6827.50 could trigger an acceleration to the downside with the next target angles coming in at 6742.00 and 6709.00.

Basically, look for an upside bias to develop on a sustained move over 6870.50 and for a downside bias to develop on a sustained move under 6827.50.