E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 30, 2019

September E-mini NASDAQ-100 Index futures are trading lower during the pre-market session, following the European markets lower. We’re probably witnessing profit-taking and position-squaring ahead of Apple’s release of its quarterly earnings results on Tuesday after the closing bell and Wednesday’s Federal Reserve announcements.

According to website Quartz, “analysts will be looking at Apple’s third quarter earnings later today to see how severe the drop in iPhone sales might be – anything better than terrible could be enough to keep the stock price steady – but also whether Apple’s services is continuing to grow.”

“Analysts are expecting around $53.5 billion in revenue for the quarter; Apple itself said it expected to generate between $52.5 billion to $54.5 billion. This time last year, the company generated $53.3 billion in revenue.”

At 08:52 GMT, September E-mini NASDAQ-100 Index futures are trading 7977.50, down 23.75 or -0.30%.

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 8051.75 will signal a resumption of the uptrend. Taking out 7815.25 will change the main trend to down.

The minor trend is also up. A trade through 7917.25 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 7743.00 to 8051.75. Its 50% level or pivot is 7897.25. This level is potential support.

The intermediate range is 7446.25 to 8051.75. If the trend changes to down then look for a break into its retracement zone at 7749.00 to 7677.50.

Daily Technical Forecast

Based on the early price action and the current price at 7977.50, the direction of the September E-mini NASDAQ-100 Index on Tuesday is likely to be determined by trader reaction to a pair of uptrending Gann angles at 7983.25 and 7958.25.

Bullish Scenario

A sustained move over 7983.25 will indicate the presence of buyers. If they can generate enough upside momentum then the index may make a run at 8051.75. This is likely to occur if Apple posts extremely bullish numbers after the close.

Bearish Scenario

A sustained move under 7958.25 will signal the presence of sellers. This is a potential trigger point for an acceleration to the downside with the next targets the minor bottom at 7917.25 and the pivot at 7897.25.

The market could collapse under 7897.25 if Apple posts bearish numbers.

Overview

Essentially, look for the upside bias to resume on a sustained move over 7983.25 and for the downside bias to continue on a sustained move under 7958.25.

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.