E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 24, 2017 Forecast

September E-mini NASDAQ-100 Index futures are expected to open higher based on the pre-market session. The market is recovering from early session weakness. Traders are ignoring President Trump’s comments from earlier in the week and shifting their focus on the events at Jackson Hole.

Technical Analysis

The main trend is down according to the daily swing chart, but momentum has shifted to the upside.

A trade through 5884.00 will change the minor trend to up. A main trend will change to up on a trade through 5949.50.

On the downside, the major support zone is 5778.00 to 5726.50. This zone stopped sellers twice this month at 5761.00 and 5752.25.

The short-term range is 5752.25 to 5884.00. Its retracement zone at 5818.00 to 5802.50 is the primary downside target.

On the upside, the intermediate range is 5949.50 to 5752.25. Its retracement zone is 5851.00 to 5874.00.

The main range is 5995.75 to 5752.25. Its retracement zone at 5874.00 to 5902.75 is the primary upside target.

Forecast

Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the 50% level at 5851.00.

A sustained move over 5851.00 will indicate the presence of buyers. This could trigger a labored rally into 5874.00, 5884.00 and 5902.75. The latter is the trigger point for an acceleration to the upside.

A sustained move under 5850.75 will signal the presence of sellers. This could trigger a move into the short-term retracement zone at 5818.00 to 5802.50. The latter is the trigger point for an acceleration into 5778.00, 5752.25 and 5726.50.