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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – March 5, 2018 Forecast

March E-mini NASDAQ-100 Index futures are called steady to lower based on the early trade. Investors appear to be a little tentative early today, but the tech-based index is still outperforming the benchmark S&P 500 Index and the blue chip Dow Jones Industrial Average.

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

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, a closing price reversal top from February 27 and a closing price reversal bottom from March 2 appears to have neutralized the price action.

A trade through 7009.00 will negate the closing price reversal top and change the main trend to up. A move through 6646.00 will indicate the selling pressure is getting stronger.

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Due to the month-long rangebound trade, a series of retracement levels are controlling the price action.

From the bottom up, the major retracement zone is 6411.50 to 6261.50. This zone provided support in early February after the volatile sell-off.

The main range is 7047.25 to 6164.00. Its retracement zone is 6605.50 to 6710.00. This zone stopped the price slide on Friday at 6646.00.

The intermediate range is 6164.00 to 7009.00. Its retracement zone at 6586.50 to 6486.75 is the next downside target.

The short-term range is 7009.00 to 6646.00. Its retracement zone at 6827.50 to 6870.50 is the primary upside target. This zone was tested earlier today.

Daily Swing Chart Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the short-term 50% level at 6827.50.

A sustained move under 6827.50 will indicate the presence of sellers. This could drive the index into 6709.75, followed by 6646.00 and a possible support cluster at 6605.50 to 6586.50. The latter is the trigger point for an acceleration to the downside.

A sustained move over 6827.50 will signal the presence of buyers. This could lead to a quick test of 6870.50. This is a possible trigger point for an acceleration into 7009.00.

This article was originally posted on FX Empire

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