E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 7, 2019 Forecast

March E-mini NASDAQ-100 Index futures are plunging on Thursday after the European Central Bank slashed its economic growth forecast for 2019, and announced a new round of economic stimulus to help banks in the Euro Zone. This news raised new concerns over the global economy. In the cash market, the NASDAQ Composite also broke below its 200-day moving average.

At 15:00 GMT, March E-mini NASDAQ-100 Index futures are trading 7050.00, down 61.25 or -0.86%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down earlier today when sellers took out the swing bottom at 7048.00. The main trend will change back up when buyers take out 7211.50.

The main range is 6841.00 to 7211.50. Its retracement zone at 7026.25 to 6982.50 is the primary downside target. We could see a technical bounce on the first test of this area.

A major longer-term Fibonacci level comes in at 7022.25. It forms a support cluster with the 7026.25 main bottom.

Daily Technical Forecast

The strong downside momentum indicates we’re likely to see a test of 7026.25 to 7022.25. Watch for a technical bounce on the first test of this area.

If 7022.25 fails as support then look for the selling to extend into the next potential support cluster formed by an uptrending Gann angle at 6985.00 and a short-term Fibonacci level at 6982.50.

The Fib level at 6982.50 is a potential trigger point for another acceleration to the downside with the next target angle coming in at 6913.00. This is the last potential support angle before the 6841.00 main bottom.