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James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading higher at the mid-session. The index opened steady then rallied on news. The catalysts driving the price action today are an easing of tensions in Hong Kong. This helped boost technology shares in Asia, which spread to U.S. technology stocks like chipmakers. A better-than-expected services report from China also helped underpin prices.

At 18:17 GMT, September E-mini NASDAQ-100 Index futures are trading 7703.00, up 85.50 or +1.12%.

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Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through 7770.50 will indicate the buying is getting stronger. A trade through 7782.25 will change the main trend to up, while a move through 7789.50 will reaffirm the uptrend. A trade through 7353.25 will change the main trend to down.

The minor trend is also up. A trade through 7580.75 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 8051.75 to 7224.50. Its retracement zone at 7638.00 to 7735.75 is controlling the near-term direction of the index. The index is currently trading inside this zone.

The main range is 6969.00 to 8051.75. It retracement zone at 7510.25 to 7382.50 is support. It is controlling the longer-term direction of the index.


Daily Technical Forecast

Based on the early price action and the current price at 7703.00, the direction of the September E-mini NASDAQ-100 Index futures contract into the close on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 7737.25 and the short-term Fibonacci level at 7735.75.

Bullish Scenario

A sustained move over 7737.25 will indicate the buying is getting stronger. This could trigger a late session rally into the minor top at 7770.50 and a pair of main tops at 7782.25 and 7789.50. Taking out these levels could drive the index into a downtrending Gann angle at 7819.75. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 7735.75 will signal the presence of sellers. They are trying to defend against a change in trend. If this move generates enough downside momentum then look for a potential break into the short-term 50% level at 7638.00. The selling could extend under this level with the next targets a minor bottom at 7580.75 and an uptrending Gann angle at 7545.25.

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