E-mini NASDAQ-100 Index

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trying to Establish Support on Pivot at 14954.00

September E-mini NASDAQ-100 Index futures are putting in a mixed performance after giving up earlier gains shortly after the cash market opening. The index is trading inside last Tuesday’s wide range for a fourth session. The price action suggests investor indecision and impending volatility.

At 14:09 GMT, September E-mini NASDAQ-100 Index futures are trading 14974.00, up 18.25 or +0.12%.

After mixed quarterly reports from technology giants last week, the focus now turns to business activity data and the Labor Department’s monthly jobs report this week against the backdrop of fears the fast-spreading variant could hit growth in the second half of the year.

In stock related news, Tesla Inc is trading $721.06, up $33.68 or +4.97%. Applied Materials Inc is at $144.45, up $4.52 or +3.23% and Microchip Technology Inc is trading $147.50, up $4.38 or +3.06%.

On the downside, Zoom Video Communications Inc is at 371.00, down $7.10 or -1.878%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15134.00 will signal a resumption of the uptrend. A move through 14445.00 will change the main trend to down.

The minor range is 15134.00 to 14774.25. The index is currently straddling its pivot at 14954.00.

The short-term range is 14445.00 to 15134.00. Its 50% level at 14789.50 stopped the selling last week on July 17.

The best near-term support is a pair of 50% levels at 14546.25 and 14482.00.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to the pivot at 14954.00.

Bullish Scenario

A sustained move over 14954.00 will indicate the presence of buyers. If the move is able to generate enough upside momentum then look for a retest of the record high at 15134.00. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 14954.00 will signal the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into the price cluster at 14789.50 to 14774.25.

If 14774.25 fails as support then look for the selling to possibly extend into the pair of 50% levels at 14546.25 and 14482.00, followed by the main bottom at 14445.00.

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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.