Daily June E-mini NASDAQ-100 Chart

E-mini NASDAQ-100 Index (NQ) Futures Analysis – March 28, 2013

The June E-mini NASDAQ-100 is called higher this morning. Buyers stepped up when the Euro rose due to relatively calm conditions in Cyprus. Today banks opened in Cyprus for the first time in two weeks. Investors took precautions early in the trading session as they braced for potential unrest in Cyprus. Once the uncertainty was lifted, investors bought the NASDAQ, driving it to within striking distant of a pair of tops at 2811.50 and 2817.00.

In addition to the events in Cyprus which could influence the market all day, investors will get the opportunity to react to this week’s U.S. Weekly Jobless Claims and the fourth-quarter GDP. Due to thin holiday trading conditions, volatility could become a factor today especially if these reports yield surprises. Traders should also brace for the possibility that a range will be established early and volume will drop off throughout the session. The key today is to avoid getting caught in breakout traps.

Daily June E-mini NASDAQ-100 Chart
Daily June E-mini NASDAQ-100 Chart

On the upside, besides the March 25 top at 2811.25, investors may go after an uptrending Gann angle at 2812.25. On the downside, the uptrending Gann angle that has held as support since March 18 comes in at 2780.25.

Another number to watch is the pivot at 2779.75. This price is the mid-point between the short-term range of 2748.25 and 2811.50. A break under this price will signal a shift in sentiment to the downside. 

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.

Leave a Reply

Your email address will not be published. Required fields are marked *