E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 28, 2015 Forecast

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

September E-mini NASDAQ-100 Index futures are called lower shortly before the cash market opening. There was some follow-through to the upside after yesterday’s strong close, but buyers failed to hold on to the early gains, putting the index back inside a short-term retracement zone. Trader reaction to this zone will determine the direction of the market today.

The main trend is down according to the daily swing chart. The short-term range is 4573.50 to 3908.25. Its retracement zone is 4240.75 to 4319.50. Earlier in the session, the index tried to breakout over the upper or Fibonacci level at 4319.50, but the move failed.

Based on the current price at 4302.75, the first resistance is a downtrending angle at 4317.50. This is followed by the Fib level at 4319.50 and another downtrending angle at 4357.00.

Daily September E-mini NASDAQ-100 Index

The angle at 4357.00 is also a trigger point for an upside breakout into the next downtrending angle at 4445.50. This is followed by a pair of angles at 4493.00 and 4509.50.

If sellers come in to defend 4317.50 to 4319.50 then look for the break to extend into the short-term 50% level at 4240.75. Taking out this level could trigger further weakness into a major 50% level at 4197.25. This is followed by a steep uptrending angle at 4164.25.

Breaking the angle at 4164.25 could trigger a steep sell-off into a major Fib level at 4082.00.

Based on the early price action, the direction of the market today will be determined by trader reaction to 4319.50. Look for a bullish tone to develop on a sustained move over 4319.50 and a bearish tone to develop on a sustained move under this price. 

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.