September E-mini NASDAQ-100 futures are trading flat shortly before the cash market opening. The market is trying to gain the momentum needed to challenge
September E-mini NASDAQ-100 futures are trading flat shortly before the cash market opening. The market is trying to gain the momentum needed to challenge and overcome the December 2, 2015 main top at 4734.75.
On the downside, the support is an uptrending angle moving at a pace of 16 points per day from the 4550.25 main bottom. This angle is at 4694.25 today. A sustained move over this angle will continue to support the rally.
If 4694.25 fails as support then look for a possible acceleration to the downside with the next major target a support cluster at 4622.25 to 4221.25.
Watch the price action and read the order flow at 4694.25 today. Trader reaction to this angle will tell us if the buying is getting stronger or if the sellers are starting to take control.
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.