E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Edging Higher as Investors Digest Jobs Data

September E-mini NASDAQ-100 Index futures are inching higher late in the session on Friday as investors digested the U.S. Non-Farm Payrolls report, released earlier in the day.

Meanwhile, investors are also positioning themselves ahead next week’s U.S. consumer inflation report. Despite Friday’s lackluster trade, the tech-weighted index is in a position to finish higher for a fifth straight session – its best performance since early November.

At 19:00 GMT, September E-mini NASDAQ-100 Index futures are trading 12163.25, up 24.75 or +0.20%. The S&P 500 Trust ETF (GLD) is at $388.71, down $0.28 or -0.07%.

In economic news, the Labor Department’s closely awaited data showed Non-Farm Payrolls rose by 372,000 jobs in June, higher than the estimated rise of 268,000, according to a Reuters poll of economists. The report also showed the jobless rate remained near pre-pandemic lows at 3.6% and average hourly earnings rose 0.3%, after gaining 0.4% in May.

The price action suggests investors have priced in the Fed’s widely expected 75-basis point rate hike on July 27. However, gains are being capped by generally nervous traders set on reading each new piece of data as it’s released. Next up is Wednesday’s U.S. Consumer Inflation (CPI) report. It is expected to come in strong due to rising gasoline prices in June.

Short-Term Outlook

Trader reaction to the short-term 50% level at 12021.00 is likely to determine the direction of the September E-min NASDAQ-100 Index into the close on Friday.

Bullish Scenario

A sustained move over 12021.25 will indicate the presence of buyers. If this is able to generate enough upside momentum then look for a surge into the short-term Fibonacci level at 12246.00, followed by the main top at 12262.00.

A trade through 12262.00 will change the main trend to up. This could trigger a near-term acceleration into the main 50% level at 12698.00 starting next week.

Bearish Scenario

A sustained move under 12021.25 will be a sign of weakness. If this generates enough downside momentum then look for the selling to possibly extend into the minor pivot at 11806.50.

Additional support is a long-term 50% level at 11671.25, followed by a short-term Fibonacci level at 11524.25.