E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – ‘Gap and Go’ Opening Stalls at 7824.50

September E-mini NASDAQ-100 Index futures are trading higher early Monday after gapping four days of highs on the opening. Investors are reacting to the news of renewed trade talks between the United States and China.

Over the weekend, U.S. President Donald Trump and Chinese President Xi Jinping agreed to resume the trade talks after Trump promised to refrain from imposing additional tariffs and allowing Chinese communication company Huawei to buy parts from U.S. manufacturers. China reciprocated by saying it would buy U.S. soybeans.

At 02:25 GMT, September E-mini NASDAQ-100 Index futures are trading 7789.75, up 96.00 or +1.25%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The uptrend resumed earlier in the session when buyers took out the high at 7821.00. Taking out the intraday high at 7824.50 will reaffirm the uptrend with the April 25 top at 7910.75 the next likely upside target.

The main trend will change to down on a trade through 7446.25. This is highly unlikely, but we could see a closing price reversal top if sellers take control.

The minor trend is also up. A trade through 7609.50 will change the minor trend to down. This will also shift momentum to the downside.

The new minor range is 7609.50 to 7824.50. Its 50% level or pivot at 7717.00 is potential support.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to last Friday’s close at 7693.75.

Bullish Scenario

A sustained move over 7693.75 will indicate the presence of buyers. If this move continues to generate enough upside momentum then look for buyers to take out the intraday high at 7824.50 later in the session. This could trigger a further rally into the all-time high at 7910.75.

Bearish Scenario

Turning lower for the session will signal the presence of sellers. This will also put the market in a position to post a potentially bearish closing price reversal top. After crossing to the weak side of 7693.75, the next target is the minor bottom at 7609.50. This is a potential trigger point for an acceleration to the downside.