E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 8, 2018 Forecast

March E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. Speculators are hoping the U.S. will exempt Canada and Mexico from proposed tariffs on steel and aluminum.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade though 7009.00 will change the main trend to up. This could generate a surge into the next main top at 7047.25.

The minor trend turned up earlier today. The new main bottom is 6798.25. A trade through this bottom will change the minor trend to down. This could lead to an eventual test of the main bottom at 6646.00.

The short-term range is 7009.00 to 6646.00. Its 50% level or pivot at 6827.50 is support. Holding above this level will help maintain the upside bias.

The major support is a pair of 50% levels at 6605.50 and 6586.50.

Daily Swing Chart Technical Forecast

Based on the current upside momentum, it looks as if the index is in a position to challenge 7009.00. The tone of the market the rest of the session will be determined by trader reaction to this top.

The buying is going to have to be strong enough to take out 7009.00, or sellers will stop the rally, setting up the possibility of another near-term correction. The easing of tensions over the tariffs will be the catalyst behind a strong rally.

The index is likely to plunge if 6798.25 is taken out with heavy selling volume.