March E-mini NASDAQ-100 Index futures are trading at their high of the session as we approach the last hour of cash market trading on Wednesday. Earlier in the session, the index rallied from nearly a 2% loss to post a new all-time high.
The index started to rebound shortly before the cash market opening but then extended gains at about 16:00 GMT after President Donald Trump said there were no American casualties in the overnight Iranian missile strikes and that Tehran appeared to be standing down, easing concerns of an all-out conflict in the Middle East.
At 21:29 GMT, March E-mini NASDAQ-100 Index futures are trading 8971.00, up 118.00 or +1.34%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The trend turned down earlier in the session when sellers took out the swing bottom at 8723.00 then turned up when buyers drove the index through the previous all-time high at 8907.25.
The only level traders should be concerned about into the close is 8957.25. This is an uptrending Gann angle moving at a rate of 32 points per day from the 8189.25 main bottom.
A sustained move over the strong side of the angle at 8957.25 will put the index in an extremely bullish position.
Due to Wednesday’s volatility, the closest support is 8678.00. A trade through this level will change the main trend to down. This could trigger a break into a pair of uptrending Gann angles at 8573.25 and 8550.25.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Gold Price Prediction – Prices Whipsaw and Form Outside Day
- GBP/USD Price Forecast – British Pound Building Momentum For Next Move
- Natural Gas Price Forecast – Natural Gas Markets Fail At First Sign Of Resistance
- Crude Oil Price Update – Close Under $62.69 Forms Bearish Reversal Top
- Is The Energy Sector Setting Up Another Great Entry?
- S&P 500 Price Forecast – Stock Markets Take Missile Attack In Stride