E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 3, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading mixed shortly after the cash market opening. Traders seem to be pushing aside the mixed U.S. jobs report and moving on to earnings reports and trade war fears.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 7166.75 will signal a resumption of the downtrend. A move through 7530.00 will change the main trend to up.

The minor trend is also down. It will turn up on a move through 7467.00.

The short-term range is 7530.00 to 7166.75. Its retracement zone at 7348.25 to 7391.25 is currently being tested. This zone is controlling the direction of the market today. Sellers are trying to form a secondary lower top. Buyers are trying to drive the market through this zone in an effort to increase the importance of the new main bottom at 7166.75.

The main range is 6956.00 to 7530.00. Its retracement zone at 7243.00 to 7175.25 is support.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to 7391.25 and 7348.25.

A sustained move over 7391.25 will indicate the presence of buyers. If they can create enough upside momentum, we could see a test of 7467.00 and 7530.00.

A sustained move under 7348.25 will signal the presence of sellers. The daily chart is wide open under this level with 7243.00 the next major target, followed by 7175.25 and 7166.75.