E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Has to Hold 15098.00 or Could Pull Back to 14781.00
September E-mini NASDAQ-100 Index futures finished at a record close on Friday as investors continued to pour into tech-related stocks because of expectations the low interest rate environment will continue as the inflation surge seems more and more transitory like the Fed has been telling us for months. To put it another way, tech investors aren’t worried about central bank policy makers suddenly turning hawkish.
On Friday, September E-mini NASDAQ-100 Index futures settled at 15098.00, up 169.50 or 1.12%.
Twitter on Thursday reported higher revenue growth than Wall Street had expected, as the social media platform rolled out ad targeting improvements to help brands reach potential customers. Shares of Twitter rose 3.0%.
Snap Inc reported quarterly revenue growth of 116% on Thursday. Its shares jumped 23.8%.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 15117.25 will reaffirm the uptrend. The main trend will change to down on a trade through 14445.00.
The minor range is 14445.00 to 15117.25. Its 50% level at 14781.00 is the first support. This is followed by a pair of 50% levels at 14537.75 and 14464.00. Since the main trend is up, all of these levels are potential support. Keep in mind that they will move up as the market moves higher.
Daily Swing Chart Technical Forecast
The direction of the September E-mini NASDAQ-100 Index early Monday is likely to be determined by trader reaction to 15098.00.
A sustained move over 15098 will indicate the presence of buyers. Taking out 15117.25 will indicate the buying is getting stronger. This could fuel an acceleration to the upside since there is no resistance at an all-time high.
A sustained move under 15098 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling pressure to possibly reach 14781.00. Since the main trend is up, look for buyers on the first test of this level.
If 14781.00 fails as support then look for the selling to possibly extend into a pair of 50% levels at 14537.75 and 14464.00. These are the last two potential support levels before the 14445.00 main bottom.