E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 28, 2017 Forecast

September E-mini NASDAQ-100 Index futures are called higher based on the pre-market traders. The market is recovering from early session weakness. The early selling pressure was in reaction to the hurricane in Texas and geopolitical worries over North Korea. The turnaround may be speculators anticipating a tax reform announcement later in the week.

Technical Analysis

The main trend is down according to the daily swing chart. A trade through 5884.00 will change the main trend to up. A move through 5752.25 will signal a resumption of the downtrend.

The major retracement zone support is 5778.00 to 5726.50. This zone stopped the selling earlier in the month at 5752.25 and 5761.00.

The short-term retracement zone is providing support at 5818.00 to 5802.50.

On the upside, the first target is a 50% level at 5851.00, followed by a retracement zone at 5874.00 to 5902.75.

Forecast

Based on the current price at 5834.00 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the short-term 50% level at 5818.00.

A sustained move over 5818.00 will indicate the presence of buyers. This could trigger a rally into 5851.00. This is a potential trigger point for an acceleration into another 50% level at 5874.00, followed by the main top at 5884.00 and the Fib level at 5902.75.

A sustained move under 5818.00 will signal the presence of sellers. The first downside target is the short-term Fibonacci level at 5802.50.

Taking out today’s intraday low at 5801.25 could trigger an acceleration into the major 50% level at 5778.00, followed by the main bottom at 5752.25.

Basically, we’re looking for an upside bias over 5818.00 and a downside bias under 5802.50.