E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 9, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading lower shortly before the cash market opening. The market is following through to the downside following Tuesday’s minor reversal top.

The main trend is up according to the daily swing chart, but a pair of reversal tops is signaling a shift in momentum to the downside.

A trade through 5844.75 will indicate the selling is getting stronger. Overcoming 5972.75 then 5995.75 will signal the return of buyers.

The short-term 50% level or pivot is 5920.25. Look for a downside bias as long as the market remains under this level.

Also on the upside is an uptrending angle at 5960.25. Crossing to the bullish side of this angle will also signal the buying is getting stronger.

The main range is 5560.25 to 5995.75. Its retracement zone at 5778.00 to 5726.50 is the primary downside target. An uptrending angle passes through this zone at 5760.25, making it a valid downside target also.

Since the main trend is up, buyers are likely to show up on a test of the main retracement zone.

Based on the current price, look for a downside bias as long as the index remains on the weak side of the pivot at 5920.25.