E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 27, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. Earlier in the session, the index posted a new all-time high when it took out the previous record top at 7530.00.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade under the previous tops at 7530.00 and 7505.50 will indicate the buying is getting weaker or the selling is getting stronger. The main trend will change to down on a move through 7316.50.

Today is also the eighth day up from the last swing bottom which puts the index in the window of time for a closing price reversal top. The potentially bearish chart pattern will not indicate a change in trend, but it will signal that the selling is greater than the buying at current price levels, or perhaps a little overbought.

The minor trend is also up. The minor trend will change to down on a trade through 7352.00. This will also shift momentum to the downside.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to Friday’s close at 7495.75.

A sustained move over 7495.75 will indicate the presence of buyers. If this creates enough upside momentum then look for buyers to go after the steep uptrending Gann angle at 7572.50.

Overtaking 7572.50 will indicate the buying is getting stronger in addition to putting the index in a bullish position.

A sustained move under 7495.75 will signal the presence of sellers. If this move creates enough downside momentum then look for a potential break into the next uptrending Gann angle at 7444.50. We could see a technical bounce on the first test of this angle because it has been providing support and guidance since the main bottom at 7316.50 on August 15.

If 7444.50 fails as support then look for the selling to extend into the next uptrending Gann angle at 7380.50. This is the last major support angle before the 7316.50 main bottom.