E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Sellers Targeting 13155.75 to 13054.75

March E-mini NASDAQ-100 Index futures are trading lower early Thursday after a potentially bearish closing price reversal top the previous session ended a two-day winning streak. This sets up the index for a potential pullback into at least 13156.00.

A 0.1% dip in Amazon shares on Wednesday during the regular session led the index lower. Prices fell further after the cash market close after Qualcomm slipped more than 7% following an earnings report that showed revenues below consensus estimates for its fiscal first quarter.

At 06:00 GMT, March E-mini NASDAQ-100 Index futures are trading 13382.75, down 11.50 or -0.09%.

Perhaps limiting losses were eBay shares, which rose more than 9% in the after-hours market after beating on both the top and bottom lines and issuing a rosier-than-expected forecast for the first quarter. Additionally, PayPal gained nearly 3% while Apple rose 2%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, but momentum shifted to the downside with the confirmation of Wednesday closing price reversal top.

A trade through 13584.50 will negate the closing price reversal top while a move through 13599.75 will signal a resumption of the uptrend.

The main trend will change to down on a move through 12727.25. A trade through 12727.00 will reaffirm the downtrend.

The first short-term range is 12727.00 to 13599.75. Its retracement zone at 13266.50 to 13163.50 is the first potential support zone. This is followed by a pair of 50% levels at 13045.50 and 12908.25.

Short-Term Outlook

The formation of the closing price reversal top and the confirmation of the potentially bearish chart pattern could lead to a short-term correction into 13155.75 to 13054.75. Since the main trend is up, buyers could return on a test of this area.