E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – 7858.25 Gann Angle Providing Support Early

Based on the early price action and the current price at 7896.75, the direction of the December E-mini NASDAQ-100 Index futures contract the rest of the session on Monday is likely to be determined by trader reaction to the steep uptrending Gann angle at 7858.25.
James Hyerczyk
E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading higher early Monday. The price action reflects optimism over the approval of a Brexit deal later this week, and progress being made in U.S.-China trade talks. Investors are also embracing last week’s strong start to third quarter earnings season, while looking forward to the release of good reports later today.

At 06:07 GMT, December E-mini NASDAQ-100 Index futures are trading 7896.75, up 16.00 or +0.20%.

Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7994.75 will signal a resumption of the uptrend. The index is in no position to change the main trend to down, but there is room for a normal break into a retracement zone.

The short-term range is 7583.25 to 7994.75. Its retracement zone at 7789.00 to 7740.75 is the first downside target.

The intermediate range is 7474.25 to 7994.75. Its retracement zone at 7734.50 to 7673.00 is the second downside target.

The major retracement zone target is 7624.50 to 7535.00.

Daily Technical Forecast

Based on the early price action and the current price at 7896.75, the direction of the December E-mini NASDAQ-100 Index futures contract the rest of the session on Monday is likely to be determined by trader reaction to the steep uptrending Gann angle at 7858.25.

Bullish Scenario

A sustained move over 7858.25 will indicate the presence of buyers. If this move is able to generate enough upside momentum then look for the rally to possibly extend into the downtrending Gann angle at 7947.75.

Overtaking 7947.75 will indicate the buying is getting stronger. This could trigger a rally into last week’s high at 7994.75, followed by the September 12 main top at 8002.50.

Bearish Scenario

A sustained move under 7858.25 will signal the presence of sellers. The next target angle drops in at 7823.75.

If 7823.75 fails as support then look for the selling to possibly extend into the short-term retracement zone at 7789.00 to 7740.75. Since the main trend is up, buyers are likely to show up on a test of this zone.

If 7740.75 fails as support then look for the selling to possibly extend into the next retracement zone at 7734.50 to 7673.00. This is another potential target zone for buyers.

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