E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 24, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading nearly flat shortly before the cash market opening. The index is trading inside yesterday’s range which suggests 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. This is followed by the next main top at 7530.00.

The minor trend is up. A trade through 7475.00 will reaffirm the minor trend. A trade through 7352.00 will change the minor trend to down.

The short-term range is 7505.50 to 7316.50. The market is currently trading on the strong side of its retracement zone at 7433.25 to 7411.00. This zone is support.

The main range is 7166.75 to 7505.50. Its retracement zone is 7330.00 to 7296.00. This is support along with a major 50% level at 7348.25. An uptrending Gann angle at 7318.75 passes through the retracement zone, making it a valid downside target.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini NASDAQ-100 Index today is likely to be determined by trader reaction to the Fibonacci level at 7433.25.

A sustained move over 7433.25 will indicate the presence of buyers. If this creates enough upside momentum then look for a rally into the downtrending Gann angle at 7461.50, followed by yesterday’s high at 7475.00 and another downtrending Gann angle at 7483.50.

The Gann angle at 7483.50 is the last potential resistance angle before the 7505.50 main top.

A sustained move under 7433.25 will signal the presence of sellers. This could lead to a test of a downtrending Gann angle at 7417.50 and the short-term 50% level at 7411.00.

The 50% level at 7411.00 is the trigger point for an acceleration to the downside. The next targets are a pair of 50% levels at 7348.25 and 7336.00. This is followed by an uptrending Gann angle at 7318.75.

The upside looks labored. The downside looks wide open under 7411.00.