E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 17, 2015 Forecast

September E-mini NASDAQ-100 Index futures are trading flat shortly before the cash market opening. The main trend is down according to the daily swing chart, but Friday’s close was on the strong side of a major 50% level at 4508.75, giving the market an upward bias to begin the week.

The current price at 4531.50 has the index straddling a pair of Gann angles at 4527.25 and 4526.00. Trader reaction to this zone is likely to determine the direction of the market today.

A sustained move over 4527.25 will signal the presence of buyers. This could trigger an acceleration into the first target at 4565.00. The daily chart opens up to the upside over this angle with the next target a main top at 4584.75. Taking out this level will change the main trend to up on the daily chart.

The next target over 4584.75 is a pair of downtrending angles at 4597.00 and 4606.00.

A failure to hold 4526.00 will signal the presence of sellers. The first target is the major 50% level at 4508.75. Crossing to the weak side of this level could indicate a shift in sentiment. The next target under this level is an uptrending angle at 4479.25. This is followed by a major Fibonacci level at 4467.00.

Watch and read the price action and order flow at 4527.25 to 4526.00. This will tell us whether the bulls or the bears are in control.