E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 16, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The index is being underpinned by increased demand for risky assets. The market is trading inside yesterday’s range which indicates investor indecision and impending volatility.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 7505.50 will change the main trend to up. A move through 7316.50 will indicate the selling is getting stronger.

The main range is 7530.00 to 7166.75. Its 50% level or pivot is 7348.25.

The intermediate range is 7166.75 to 7505.50. Its retracement zone at 7336.00 to 7296.00 is support. This zone stopped the selling on Wednesday at 7316.50.

The short-term range is 7505.50 to 7316.50. Its retracement zone at 7411.00 to 7433.25 is currently being tested. Sellers are trying to establish a secondary lower top. Buyers are trying to take out this zone and form a new main bottom at 7316.50.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the 50% level at 7411.00.

A sustained move under 7411.00 will indicate the presence of sellers. This could trigger a retest of the uptrending Gann angle at 7374.75. This angle provided support earlier in the session. If it fails then look for a further decline into a pair of 50% levels at 7348.25 and 7336.00.

A sustained move over 7411.00 will signal the presence of buyers. This could lead to a surge into 7433.25. Overtaking this level could trigger a further rally into a downtrending Gann angle at 7466.00.

Look for sellers on the first test of 7466.00. Taking it out, however, could trigger a spike into another downtrending Gann angle at 7498.00. This is the last potential resistance angle before the 7505.50 and 7530.00 main tops.