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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 9149.25, Weakens Under 9062.00

James Hyerczyk

March E-mini NASDAQ-100 Index futures are trading at a record high late in the session on Thursday. The market is also in a position to post a new record high close. Today’s strength is being fueled by a number of factors including the hope that the new trade deal between the United States and China will help boost the global economy. Stronger-than-expected economic data is also underpinning prices and well as good start to the fourth quarter earnings season.

At 20:01 GMT, March E-mini NASDAQ-100 Index futures are at 9139.25, up 79.50 or +0.87%.

Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend resumed earlier today when buyers took out the previous main top at 9114.75.

The minor trend is also up. A trade through 9023.00 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 8678.00 to 9114.75. If the minor trend changes to down then look for a break into its retracement zone at 8909.00 to 8854.50.

Short-Term Outlook

Based on the early price action and the current price at 9139.25, the first upside target is a steep uptrending Gann angle, moving up at a rate of 32 points per day since the 8189.25 main bottom on December 23. This angle comes in at 9149.25.

Crossing to the strong side of the angle at 9149.25 will put the March E-mini NASDAQ-100 Index in an extremely bullish position.

On the downside, the support is a steep uptrending Gann angle at 9062.00. This angle has been moving up at a rate of 64 points per day since the 8678.00 main bottom on January 8. This angle provided support early Thursday.

Since the main trend is up and momentum is strong, we’re not worried about the upside.

On the downside, you have to be aware of the trigger points signaling weakness. The first is the steep uptrending Gann angle at 9062.00 on Thursday. The second is the minor bottom at 9023.00.

If 9023.00 fails as support then look for a possible break into a short-term 50% level at 8909.00. This is followed by an uptrending Gann angle at 8870.00 and a short-term Fibonacci level at 8854.50.

This article was originally posted on FX Empire