E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 4, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading flat-to-slightly better shortly before the cash market opening.

The main trend is up according to the daily swing chart, but the closing price reversal top on June 27 has stopped the upside momentum, leading to a sideways trade.

The short-term range is 5995.75 to 5844.75. Its 50% level or pivot is 5920.25. Trading below the pivot is giving the market an early downside bias.

The market is also trading on the weak side of an uptrending angle at 5912.25. This also puts the market in a weak position.

If the selling pressure continues then traders may go after 5844.75. This is the trigger point for a possible acceleration into the major 50% level at 5778.00.

Overcoming the angle at 5912.25 will indicate the presence of buyers. Overtaking the pivot and sustaining the move will indicate the buying is getting stronger. This could trigger a fast move into a minor high at 5947.50. This may be the trigger point for an acceleration to the upside. The daily chart indicates there is plenty of room to the upside with 5995.75 the next likely target.

Basically, look for the downside bias to continue on a sustained move under 5912.25. Look for an upside bias to develop on a sustained move over 5920.25.