E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Closed in Position to Challenge 8051.75 All-Time High

September E-mini NASDAQ 100-Index futures are set to finish a strong week with a lackluster performance on Friday. The index is expected to finish slightly higher for the session, but the buying has been tentative. Weighing on the index are concerns that the trade talks between the United States and China, scheduled for early October, won’t yield any fruit and that the trade dispute will continue well into 2020.

At 20:49 GMT, September E-mini NASDAQ-100 Index futures are trading 7862.75, up 7.25 or +0.08%.

Friday’s mixed U.S. Non-Farm Payrolls report had little influence on the price action, but Federal Reserve Chairman Jerome Powell’s speech seems to have helped underpin the index late in the session.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The main trend turned up on September 5 when buyers took out a series of main tops at 7770.50, 7782.25 and 7789.50. The index spent the entire month of August in a downtrend.

The minor trend is also up. A trade through 7580.75 will change the minor trend to down. This will also shift momentum to the downside.

The first support area is a short-term retracement zone at 7735.75 to 7638.00.

The major support area is the 7510.25 to 7382.50 retracement zone.

Daily Gann Angle Analysis

The direction of the September E-mini NASDAQ-100 Index futures contract over the short-run is likely to be determined by trader reaction to the steep uptrending Gann angle at 7865.25.

Trading on the strong side of the angle currently at 7865.25 will indicate the buying is getting stronger. This should drive the index into the downtrending Gann angle at 7927.75. This angle is the last potential resistance before the 8051.75 main top.

Trading on the weak side of the angle at 7865.25 on Friday will indicate the selling is getting stronger, or the buying is getting weaker. This could lead to a retest of the short-term retracement zone at 7735.75 to 7638.00.