E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Pulling Away from Support with No Resistance in Sight

March E-mini NASDAQ-100 Index futures are trading in an extremely bullish position this week. There is no resistance, only upside targets which likely means the only way to stop this rally will be with a closing price reversal top. A reversal top won’t signal a change in trend, but it will indicate that the selling is greater than the buying at current price levels.

Weekly Technical Analysis

The main trend is up according to the weekly swing chart. Given the nearly vertical price action, the index could be approaching overbought, but so far there aren’t any signs that the buying is slowing. Last week’s close at 6845.75 will be the key level to watch the rest of the week. A close below this level will indicate a shift in momentum to down.

Weekly Technical Forecast

On the upside, a pair of uptrending Gann angles come in at 7146.00 and 7183.50. These are the weekly targets.

On the downside, the nearest support is a steep uptrending Gann angle at 6698.00. This uptrending Gann angle, moving up at a pace of 64 points per week, has been guiding the index higher for seven weeks.

Currently, the trend is your friend and there is nothing brewing that can derail this rally. Nonetheless, there is plenty of room for a correction so investors should know their exits.