E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Short-Term Resistance Zone at 6358.75 to 6485.75

Based on the early price action, the direction of the March E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the main 50% level at 6358.75.  
James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

March E-mini NASDAQ-100 Index futures are up on Monday in a lackluster trade. Technology stocks got a boost after President Trump tweeted this weekend that China and the U.S. were making progress on trade talks. Gains are being capped, however, by light pre-holiday volume and concerns over the impact of the partial government shutdown.

At 1908 GMT, March E-mini NASDAQ-100 Index futures are trading 6329.00, up 35.75 or +0.56%.

Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending higher since the formation of the closing price reversal bottom on December 26. A move through 6402.50 will indicate the buying is getting stronger.

A trade through 5820.50 will negate the closing price reversal bottom and signal a resumption of the downtrend.

The main range is 6897.00 to 5820.50. Its retracement zone at 6358.75 to 6485.75 is acting like resistance. Since the main trend is down, sellers came in on a test of this zone to stop the rally at 6402.50 on Friday.

The short-term range is 5820.50 to 6402.50. If there is a short-term retracement then look for a pullback into its 50% to 61.8% retracement zone at 6111.50 to 6042.75. This is followed by a long-term 50% level at 5866.50.

Daily Technical Forecast

Based on the early price action, the direction of the March E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the main 50% level at 6358.75.

Bullish Scenario

Overtaking and sustaining a rally over 6358.75 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to extend into last week’s high at 6402.50, followed closely by the Fibonacci level at 6485.78. This is followed closely by a downtrending Gann angle at 6513.00.

Bearish Scenario

A sustained move under 6358.75 will signal the presence of sellers. The first downside target is the steep uptrending Gann angle at 6204.50. Aggressive counter-trend buyers could come in on the first test of this level, but if it fails then look for the selling to extend into the short-term 50% level at 6111.50.

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