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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 9053.25, Weakens Under 8966.25

James Hyerczyk

March E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market opening on Monday. The index is being boosted by investor optimism ahead of the signing of Phase One of the U.S.-China trade deal reached in mid-December. The strong performance by technology shares in Asia and Europe is also boosting the index.

At 11:43 GMT, March E-mini NASDAQ-100 Index futures are trading 9017.00, up 38.75 or +0.43%.

The price action suggests investors have shrugged off Friday’s disappointing U.S. jobs report, which some blamed for the session’s weakness.

Daily March E-mini NASDAQ-100 Index
Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, Friday’s closing price reversal top appears to have closed down the upside momentum. The potentially bearish chart pattern does not signal a change in trend, but it does indicate the selling is greater than the buying at current price levels.

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A trade through 9055.50 will negate the closing price reversal top and signal a resumption of the uptrend. A move through 8966.25 will confirm the closing price reversal top.

The short-term range is 8678.00 to 9055.50. Its retracement zone at 8866.75 to 8822.25 is the first downside target.

The main range is 8189.25 to 9055.50. Its retracement zone at 8622.25 to 8520.25 is the next downside target and value zone.

Daily Technical Forecast

Based on the early price action and the current price at 9017.00, the direction of the March E-mini NASDAQ-100 Index futures contract on Monday is likely to be determined by trader reaction to Friday’s low at 8966.25 and the uptrending Gann angle at 9053.25.

Bullish Scenario

Overcoming the uptrending Gann angle at 9053.75 will put the March E-mini NASDAQ-100 Index in a bullish position. Taking out 9055.50 will negate the closing price reversal top. This could trigger a breakout to the upside.

Bearish Scenario

Taking out 8966.25 will confirm the closing price reversal top. This could trigger the start of a 2 to 3 day correction with 8866.75 to 8822.25 the next likely downside target. Since the main trend is up, buyers are likely to come in on a test of this zone.

This article was originally posted on FX Empire

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