E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 23, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading lower shortly after the cash market opening. The index is being pressured by follow-through selling related to last Wednesday’s bearish closing price reversal top.

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. However, momentum is trending lower. A trade through 7292.50 will change the main trend to down. A move through 7437.75 will negate the closing price reversal top and signal a resumption of the uptrend.

The first short-term range is 7292.50 to 7437.75. Its 50% level or pivot at 7365.25 is resistance.

The second short-term range is 7204.50 to 7437.75. Its 50% level or pivot at 7309.25 is the next downside target and the last support before the 7292.50 main bottom.

The main range is 6956.00 to 7437.75. If the main trend changes to down then its retracement zone at 7196.75 to 7140.00 will become the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index will be determined by trader reaction to the short-term pivot at 7365.25.

A sustained move under 7365.25 will indicate the presence of sellers. This could drive the index into the next pivot at 7309.25, followed closely by the main bottom at 7292.50.

The main bottom at 7292.50 is the trigger point for an acceleration to the downside with the next target an uptrending Gann angle at 7212.00, followed by 7204.50 and 7196.75.

A sustained move over 7365.25 will signal the presence of buyers. This could lead to a labored rally with Gann angle targets coming in at 7389.75, 7413.75 and 7425.75. The latter is the last potential resistance angle before the 7437.75 main top.

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.