E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 12, 2015 Forecast

September E-mini NASDAQ-100 Index futures sold-off during the pre-market session, changing the main trend to down when it took out the last swing bottom at 4480.50. The new swing top is 4584.75.

The main range is 4331.75 to 4686.00. Its retracement zone is 4509.00 to 4467.00. The pre-market selling pressure briefly took out the lower or Fibonacci level at 4467.00.

Based on the pre-market trade, the direction of the market the rest of the session will be determined by trader reaction to 4467.00.

A sustained move under 4467.00 will also put the index on the bearish side of a steep downtrending angle at 4469.00. The first downside target is an uptrending angle at 4427.75.

Taking out this angle will likely lead to a break into a downtrending angle at 4414.00. Crossing to the weak side of this angle will mean the selling pressure is getting stronger. The daily chart opens up to the downside under this angle with the next two targets uptrending angles at 4379.75 and 4355.75. The angle at 4355.75 is the last potential support before the 4331.75 main bottom.

A sustained move over the steep downtrending angle at 4469.00 will signal the presence of buyers. This could lead to an acceleration to the upside since the next target is the major 50% level at 4509.00. This level is followed by a price cluster at 4549.00 to 4550.00. This is today’s primary upside target.

Watch and read the price action and order flow at 4469.00. This will tell us whether the bulls or the bears are in control.