E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Finishing Week Strong after Early Setback

September E-mini NASDAQ-100 Index futures are trading higher late Friday but are still underperforming the benchmark S&P 500 Index and the blue-chip Dow Jones Industrial Average, both of which hit record highs earlier in the session.

Investors appear to be shrugging off concerns over surging COVID-19 Delta variant infections, but today’s steep drop in consumer sentiment may be helping to cap gains. The University of Michigan’s sentiment read for August printed at just 70.2, the weakest since December 2011.

At 18:16 GMT, September E-mini NASDAQ-100 Index futures are trading 15111.75, up 33.25 or +0.22%.

Stocks on the move include eBay Inc, up 6.51%. Trip.com Group Ltd and Advanced Micro Devices Inc advanced more than 3.25%. Baidu Inc was the biggest loser, dropping 4.31%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15172.50 will signal a resumption of the uptrend. A move through 14445.00 will change the main trend to down.

The minor range is 15172.50 to 14941.25. Its 50% level at 15056.75 is support.

The second range is 14774.25 to 15172.50. Its pivot at 14973.25 is another support level.

If the minor trend changes to down then a third pivot at 14808.75 will become the next potential downside target and support level.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index into the close on Friday is likely to be determined by trader reaction to 15056.75.

Bullish Scenario

A sustained move over 15056.75 will indicate the presence of buyers. Taking out the intraday high at 15141.75 will indicate the buying is getting stronger. If the buying is strong enough, this could lead to a surge into the record high at 15172.50.

Bearish Scenario

A sustained move under 15056.75 will signal the presence of late session sellers. This could trigger a break into 14973.25, followed by the minor bottom at 14941.25. This is a potential trigger point for an acceleration to the downside with the next potential targets 14808.75 and 14774.25.