E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 17, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading lower. Although the main trend is up, the price action suggests that momentum may be slowing and a secondary lower top may be forming.

A trade through 5949.50 will signal a resumption of the uptrend. This could lead to a test of a minor top at 5972.75, followed by the main top at 5995.75.

The main range is 5995.75 to 5761.00. Its retracement zone is 5906.00 to 5878.25. The market is currently testing this zone. Trader reaction to this zone will likely determine the near-term direction of the market.

The short-term range is 5761.00 to 5949.50. If the selling pressure continues then its retracement zone at 5855.25 to 5833.00 becomes the primary downside target.

Based on the current price at 5899.25, the direction of the index today will be determined by trader reaction to the Fibonacci level at 5906.00.

A sustained move over 5906.00 will indicate the presence of buyers. This could drive the index into the downtrending angle at 5935.75. This is followed by the minor top at 5949.50, followed by a pair of downtrending angles at 5965.75 and 5980.75. The latter is the last potential resistance angle before the 5995.75 main top.

A sustained move under 5906.00 will signal the presence of sellers. This is followed by a steep uptrending angle at 5889.00.

The daily chart starts to open up to the downside under 5889.00. This is followed by the 50% level at 5878.25. This level is the trigger point for an acceleration into the short-term retracement zone at 5855.25 to 5833.00, followed by an uptrending angle at 5825.00.