E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 15, 2017 Forecast

September E-mini NASDAQ-100 Index futures are called higher based on the pre-market trade. Increased demand for risk is behind the buying this morning. The index is also trading on the strong side of a short-term retracement zone which is validating the upside bias.

Technical Analysis

The main trend is up according to the daily swing chart. Momentum has also shifted to the upside with the crossing of the key retracement zone at 5906.00 to 5878.25. Both levels are new support.

A trade through 5995.75 will signal a resumption of the uptrend.

Forecast

Based on the current price at 5922.50 and the earlier price action, look for a bullish tone as long as the index holds above the steep uptrending angle at 5889.00. This angle is moving up at a rate of 64 points per day.

Taking out the downtrending angle at 5943.75 will indicate the buying is getting stronger. This could trigger a rally into a pair of downtrending Gann angles at 5969.75 and 5982.75. The latter is the last potential resistance angle before the 5995.75 main top.

If the angle at 5889.00 fails as support then look for a pullback into the 50% level at 5878.38. This is the trigger point for a steep break into the next uptrending angle at 5825.00.

Look for an upside bias as long as the index holds 5889.00. Watch for the market to strengthen over 5943.75.