James Hyerczyk
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E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading slightly lower during the pre-market trade on Thursday after finishing a little better during the previous session in a mostly lackluster trade. The price action was driven by the Federal Reserve’s monetary policy statement that said the U.S. economic recovery remains on track and Chair Jerome Powell’s remark that the central bank was still a ways away from considering raising interest rates.

At 06:13 GMT, September E-mini NASDAQ-100 Index is trading 14993.50, down 18.00 or -0.12%.

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The NASDAQ ended higher and shares of Google parent Alphabet Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.

In other earnings news, Microsoft Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.

PayPal and Facebook fell 5% and 3% in after-hours trading, respectively, after warning of significant growth slowdown as they reported quarterly earnings.

Daily September E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15134.00 will signal a resumption of the uptrend. The main trend will change to down on a move through 14445.00.

The minor trend is also up. 15134 is the new minor top.

The minor range is 15134.00 to 14774.25. The index is currently straddling its pivot at 14954.00.

The short-term range is 14445.00 to 15134.00. Its pivot at 14789.50 is support. This level stopped the selling on Tuesday.

The next support is a pair of 50% levels at 14546.25 to 14482.00.


Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index early Thursday is likely to be determined by trader reaction to the pivot at 14954.00.

Bullish Scenario

A sustained move over 14954.00 will indicate the presence of buyers. If the move is able to generate enough upside momentum then look for a drive into the record high at 15134.00.

Bearish Scenario

A sustained move under 14954.00 will signal the presence of sellers. This could trigger a break into the support cluster at 14789.50 to 14774.25.

The latter is a potential trigger point for an acceleration to the downside with the next targets a series of levels at 14546.25, 14482.00 and 14445.00. A trade through 14445.00 will change the main trend to down.

For a look at all of today’s economic events, check out our economic calendar.
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