E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 21, 2016 Forecast

September E-mini NASDAQ-100 Index futures continue to grind higher as it moves toward a pair of major tops. Based on the early trade, the index is called slightly better.

Daily September E-mini NASDAQ-100 Index

The main trend is up according to the daily swing chart. Unlike the other indices, momentum is to the upside. However, the index is also in the window of time for a closing price reversal top so watch for a higher-high, lower-close to indicate the selling is greater than the buying.

Based on the current price at 4653.25, the first upside targets are an uptrending angle at 4678.25 and the December 29, 2015 main top at 4681.75.

Crossing to the strong side of 4181.75 will put the index in a bullish position. This could trigger a further rally into the December 1, 2015 top at 4699.50, followed by a pair of steep uptrending angles at 4711.75 and 4717.75.

On the downside, the first target is an uptrending angle at 4614.25. This is followed by another uptrending angle at 4582.25. This is the last potential support angle before the 4550.25 main bottom.

Today will be all about momentum and whether the index can continue to drive through major tops and overcome steep uptrending angles.

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.