E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 8982.75, Weakens Under 8910.75

March E-mini NASDAQ-100 Index futures slid last week, hit by worries over the impact of the coronavirus epidemic on global growth, while strong earnings from Amazon.com likely slowed down the selling pressure.

Shares of Amazon surged 9.2% on Friday after the company trumped Wall Street’s estimates for holiday-quarter results, putting it back in the $1 trillion market capitalization club.

Last week, March E-min NASDAQ-100 Index futures settled at 8997.75, down 146.75, or -1.63%.

Weekly Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum turned lower after last week’s weakness confirmed the closing price reversal top at 9287.25 from the week-ending January 24.

The main trend will change to down on a trade through 8678.00. A move through 9287.25 will negate the closing price reversal top and signal a resumption of the uptrend.

The short-term range is 8678.00 to 9287.25. Its retracement zone at 8982.50 to 8910.75 is potential support.

The intermediate range is 7494.00 to 9287.25. Its retracement zone at 8390.50 to 8179.00 is the next retracement zone target.

Weekly Swing Chart Technical Forecast

Based on last week’s price action and the close at 8997.75, the direction of the March E-mini NASDAQ-100 Index futures contract this week is likely to be determined by the short-term 50% level at 8982.75 and the Fibonacci retracement level at 8910.75.

Bullish Scenario

A sustained move over 8982.75 will indicate the presence of buyers. If this move is able to generate enough upside momentum then look for a retest of 9287.25. Taking out this top will signal a resumption of the uptrend.

Bearish Scenario

A sustained move under 8910.75 will signal the presence of sellers. This move could trigger an acceleration to the downside with the first target the main bottom at 8678.00.

A trade through 8678.00 will change the main trend to down. This could trigger an acceleration to the downside with the next target zone coming in at 8390.50 to 8179.00.