E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Rally Could Extend into 9106.50

March E-mini NASDAQ-100 Index futures are trading higher on Tuesday shortly after the cash market opening. Although there are still lingering fears over a possible coronavirus breakout, the price action suggests that investors feel the crisis has been primarily contained in China. Last week, the World Health Organization (WHO) also failed to declare the matter a “global emergency”.

At 15:40 GMT, March E-mini NASDAQ-100 Index futures are trading 9064.50, up 110.00 or +1.23%.

After the close, Apple is scheduled to report quarterly earnings so be prepared for volatility.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. The main trend will change to down on a move through 8678.00. A move through 9287.25 will signal a resumption of the uptrend.

The minor trend is down. This is generating the downside momentum.

The short-term range is 8678.00 to 9287.25. Its retracement zone at 8982.50 to 8910.75 is support. This zone stopped the selling on Monday at 8925.50.

The main range is 8189.25 to 9287.25. Its retracement zone at 8738.25 to 8608.75 is a major support area.

Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 9064.50, the direction of the March E-mini NASDAQ-100 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 9031.25.

Bullish Scenario

A sustained move over 9031.25 will indicate the presence of buyers. If this move generates enough upside momentum then look for the rally to extend into the uptrending Gann angle at 9094.00.

Overcoming 9094.00 will indicate the buying is getting stronger. This could trigger a further rally into a downtrending Gann angle at 9159.25. This is followed by another downtrending Gann angle at 9223.25.

The minor range is 9287.25 to 8925.50. Its 50% level at 9106.50 is another potential upside target. Sellers could come in on a test of this level.

Bearish Scenario

A sustained move under 9031.25 will signal the presence of sellers. This could lead to a retest of the short-term 50% level at 8982.50, followed by the short-term Fibonacci level at 8910.75 and an uptrending Gann angle at 8886.00.

Look for an acceleration to the downside if 8886.00 fails with potential support a pair of uptrending Gann angles, followed by the major retracement zone at 8738.25 to 8608.75.