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James Hyerczyk
E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 9, 2019

September E-mini NASDAQ-100 Index futures are called lower based on the pre-market trade. The early inside move suggests investor indecision and impending volatility.

Heightened concerns over U.S.-China trade relations are helping to keep a lid on prices. Earlier in the session, Bloomberg reported that the U.S. is holding off on giving permission to U.S. companies to use Huawei products, citing people familiar with the matter. Chip stocks fell on the news, helping to drive down demand for technology stocks.

At 13:25 GMT, September E-mini NASDAQ-100 Index futures are trading 7691.00, down 44.75 or -0.58%.

Daily September E-mini NASDAQ-100 I

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum shifted to the downside on August 1 with the formation of the closing price reversal bottom at 7224.50. This chart pattern led to the usual 2 to 3 day retracement that reached a key short-term 50% to 61.8% retracement zone as expected.

The next move in the index will be determined by how trader reaction to the short-term retracement zone at 7638.00 to 7735.75.

The main range is 6969.00 to 8051.75. Its retracement zone at 7510.25 to 7382.50 is controlling the longer-term direction of the index. This zone is currently support.


Daily Technical Forecast

Based on the early price action and the current price at 7691.00, the direction of the September E-mini NASDAQ-100 Index on Friday is likely to be determined by trader reaction to the Fibonacci level at 7735.75 and the 50% level at 7638.00.

Bullish Scenario

A sustained move over 7735.75 will indicate the presence of buyers. This will also put the index on the strong side of an uptrending Gann angle at 7737.00. If this move creates enough upside momentum then look for the rally to possibly extend into the downtrending Gann angle at 7859.75.

Bearish Scenario

A sustained move under 7638.00 will signal the presence of sellers. This could trigger an acceleration into the main 50% level at 7510.25. This is another trigger point for an acceleration into the main Fibonacci level at 7382.50.

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