E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 27, 2016 Forecast

September E-mini NASDAQ-100 Index futures are trading higher on Wednesday. The index is following through to the upside after yesterday’s attempt to breakout to the downside failed to attract enough sellers to continue the move. Late yesterday, the market also rallied through the December 29, 2015 main top at 4681.75. This move triggered buy stops that helped extend the rally.

The main trend is up according to the daily swing chart. The next upside target is the December 1, 2015 main top at 4699.50. Taking out this level could trigger an acceleration to the upside with the December 2, 2015 main top at 4734.75 the next potential target.

The best support is a price cluster formed by the December 29, 2015 main top at 4681.75 and the steep uptrending angle at 4678.25. Look for the index to trend higher today as long as this area holds as support.

A break through 4678.25 will indicate the presence of sellers. This could lead to an acceleration to the downside with the next target angle coming in at 4614.50. This is followed closely by a long-term uptrending angle at 4605.50.

Look for the early strength to continue on a sustained move over 4699.50. A downside bias could develop on a sustained move under 4678.25.