E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 9, 2017 Forecast

June E-mini NASDAQ-100 Index futures are trading slightly lower shortly before the cash market opening.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 5401.00 will signal a resumption of the uptrend. A move through 5299.25 will turn the main trend to down.

The short-term range is 5299.25 to 5401.00. Its retracement zone at 5350.00 to 5338.10 is support.

Forecast

Based on the current price at 5364.50, the direction of the index today is likely to be determined by trader reaction to the uptrending angle at 5371.25.

Overtaking and sustaining a move over 5371.25 will put the index in a bullish position. This could create enough upside momentum to challenge the all-time high at 5401.00.

A failure to overcome the angle at 5371.25 will signal the presence of sellers with potential support a series of levels at 5350.00, 5338.00 and 5335.25.

The daily chart opens up to the downside under 5335.25 with the next target angle coming in at 5317.25. This is the last potential support angle before the 5299.25 main bottom.