E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 12, 2019 Forecast

September E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The index is trading inside yesterday’s range which suggests investor indecision and impending volatility. Despite a rally to a record high this week, the index doesn’t seem to have the same upside momentum as the Dow and the S&P 500 Index. The prospect of lower interest rates is helping to underpin prices, but gains are likely being capped by worries over earnings.

At 14:50 GMT, September E-mini NASDAQ-100 Index futures are trading 7944.50, up 25.75 or +0.33%.

E-mini NASDAQ-100 Index
Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7963.25 will signal a resumption of the uptrend. The main trend will change to down on a trade through 7743.00.

On Thursday, the index formed a potentially bearish closing price reversal top. A trade though 7894.25 will confirm the chart pattern. This will also shift momentum to the downside.

Daily Technical Forecast

Based on the early price action and the current price at 7944.50, the direction of the September E-mini NASDAQ-100 Index on Friday is likely to be determined by trader reaction to the steep uptrending Gann angle at 7935.00.

Bullish Scenario

Overtaking and sustaining a rally over 7935.00 will indicate the presence of buyers. Taking out yesterday’s high at 7963.25 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with the next target angle coming in at 8086.25. Crossing to the strong side of this angle will put the index in an extremely bullish position.

Bearish Scenario

A sustained move under 7935.00 will signal the presence of sellers. This could trigger a break into a pair of uptrending Gann angles at 7865.00 and 7839.00. Since the main trend is up, look for buyers on the first test of these angles.

If 7839.00 fails as support then look for the selling to possibly extend into another pair of uptrending Gann angles at 7791.00 and 7766.25.

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.