E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 15, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading lower shortly after the cash market opening. The catalyst behind the selling pressure is the financial crisis in Turkey. Investors fear the problems may cause problems with European banks. This is driving down investor sentiment while sending investors into safe haven assets like the U.S. Dollar, Treasurys and Japanese Yen.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2378.25 will indicate the selling pressure is getting stronger. A move through 7505.50 will change the main trend to up with 7530.00 the next likely target.

The short-term range is 7505.50 to 7378.25. Its 50% level or pivot at 7441.50 is resistance.

The intermediate range is 7530.00 to 7166.75. Its 50% level or pivot at 7348.25 is the first downside target.

The main range is 7166.75 to 7505.50. Its retracement zone at 7336.00 to 7296.00 is the next downside target zone.

The major retracement zone target and support is 7243.00 to 7175.25.

Daily Technical Forecast

The direction of the September E-mini NASDAQ-100 Index today is likely to be determined by trader reaction to a downtrending Gann angle at 7410.00.

A sustained move under 7410.00 will indicate the presence of sellers. This could trigger a fast break into the uptrending Gann angle at 7358.75. This is followed closely by 50% levels at 7348.25 and 7336.00. We could see a technical bounce on the first test of this area.

Look for an acceleration to the downside if 7336.00 fails as support. This could trigger a steep break into 7296.00, followed by 7214.75.

A sustained move over 7410.00 will signal the return of buyers. This move could fuel a rally into the pivot at 7441.50, followed by a downtrending Gann angle at 7470.00. Overtaking this angle will indicate the buying is getting stronger with the next targets a downtrending Gann angle at 7500.00 and the main top at 7505.50.

It’s all about momentum today and how investors react to the 50% support cluster at 7348.25 and 7336.00. If this area fails then we could start to see the selling pressure pick up steam.