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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 21, 2015 Forecast

By:
James Hyerczyk
Published: Aug 21, 2015, 09:35 UTC

September E-mini NASDAQ-100 Index futures sold-off on Thursday, reaffirming the downtrend on the daily chart. There was also follow-through selling during

Daily September E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures sold-off on Thursday, reaffirming the downtrend on the daily chart. There was also follow-through selling during the pre-market session, however, the market has since recovered those losses to trade unchanged shortly before the cash market opening.

Daily September E-mini NASDAQ-100 Index
Daily September E-mini NASDAQ-100 Index

The first upside objective today is a steep downtrending angle at 4381.50. Overcoming this angle will signal the presence of buyers with the next objectives, downtrending angles at 4437.00 and 4477.50.

The daily chart will open up further on a sustained move over 4477.50 with the next target 4525.50. The best upside target and resistance over the near-term are a pair of downtrending angles from recent highs. These angles come in at 4533.00 and 4549.50 today.

A failure to overcome the steep angle at 4381.50 will indicate the presence of sellers. The first downside target is a downtrending angle at 4245.00.

Given the contract range of 3708.50 to 4686.00, the primary downside target is its retracement zone at 4197.25 to 4082.00.

Watch the price action and read the order flow at 4381.50 today. Trader reaction to this angle will tell us whether the bears are in control or if the bulls have returned. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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