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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Buyers Trying to Build Support Over 7934.00 Support Angle

By:
James Hyerczyk
Updated: Sep 26, 2019, 01:54 UTC

Based on the early price action and the current price at 7953.00, the direction of the December E-mini NASDAQ-100 Index the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 7934.00.

E-mini NASDAQ-100 Index

December E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The market is being supported by strong performances by Microsoft and AT&T that more than offset early session weakness that was fueled by disappointment in the Federal Reserve.

Optimism over the start of face-to-face talks between the United States and China also drove up shares of chipmakers Broadcom and Advanced Micro Devices, helping to boost the technology index.

At 13:41 GMT, December E-mini NASDAQ-100 Index futures are trading 7953.00, up 35.00 or +0.44%.

E-mini NASDAQ-100 Index
Daily December E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 8002.50 will signal a resumption of the uptrend. A move through 7798.25 will change the main trend to down.

The minor range is 7764.00 to 8002.50. Its pivot at 7883.25 is new support.

The main range is 7390.00 to 8002.50. If the trend changes to down then its retracement zone at 7696.25 to 7624.00 will become the primary downside target.

Daily Technical Forecast

Based on the early price action and the current price at 7953.00, the direction of the December E-mini NASDAQ-100 Index the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 7934.00.

Bullish Scenario

A sustained move over 7934.00 will indicate the presence of buyers. If this creates enough upside momentum then look for a drive into the downtrending Gann angle at 7991.75. This is the last potential resistance angle before the 8002.50 and 8071.75 main tops.

Bearish Scenario

A sustained move under 7934.00 will signal the presence of sellers. This could create a labored break with potential downside targets lined up at 7911.75, 7894.25 and 7883.25.

If 7883.25 fails as support then look for a break into the short-term uptrending Gann angle at 7846.25. This is a potential trigger point for an acceleration into the main bottom at 7798.25.

The trend changes to down if 7798.25 fails as support. This could trigger an eventual break into the main 50% level at 7696.25.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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