E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trader Reaction to 6358.75 Should Determine Direction into Close

Based on the current price action, the direction of the March E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the short-term 50% level at 6358.75.
James Hyerczyk
E-mini NASDAQ-100 Index

March E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market and futures close. This puts the index in a position to close the week higher while posting a potentially bullish weekly closing price reversal bottom.

At 1951 GMT, the March E-mini NASDAQ-100 Index is trading 6375.50, up 50.00 or +0.80%.

Daily March E-mini NASDAQ-100 Index

The main trend is down according to the daily swing chart. However, momentum is trending higher due to Wednesday’s closing price reversal bottom and subsequent confirmation on Thursday. A trade through 6897.00 will change the main trend to up. The downtrend will resume if 5820.50 is taken out.

On the downside, the support is a long-term 50% level at 5866.50.

The short-term range is 6897.00 to 5820.50. The market is currently testing its retracement zone at 6358.75 to 6485.75. This zone is very important to the short-term structure of the market.

Since the main trend is down, sellers are likely to come in on a test of 6358.75 to 6485.75. If successful, a new secondary lower top will form. Aggressive counter-trend buyers are going to try to drive the market through this zone.

The main range is 7169.00 to 5820.50. Its retracement zone is another potential target at 6494.75 to 6654.00. Once again, sellers are likely to show up on a test of this zone.

The combination of these two retracement zones creates a potential resistance cluster at 6485.75 to 6494.75. This is the best upside target today. Watch for sellers on a test of this area.


Based on the current price action, the direction of the March E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the short-term 50% level at 6358.75.

Bullish Scenario

A sustained move over 6358.75 will indicate the presence of buyers. If this move generates enough upside momentum then look for a rally into the close with the potential target the resistance cluster at 6485.75 to 6494.75.

Bearish Scenario

A sustained move under 6358.75 will signal the presence of sellers. If this move generates enough downside momentum then we could see a drive into yesterday’s close at 6323.50. If aggressive counter-trend buyers fail to show up on a test of this level then the index will close lower for the session.

The index will need to close over 6323.50 in order to form a weekly closing price reversal bottom.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.