E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Headed into Major Zone at 7510.25 to 7382.50

Watch the price action and read the order flow on a test of 7510.25 to 7382.50. Trader reaction to this area could set the tone for the rest of the week.
James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are in a position to close lower on Monday after giving back earlier gains. The initial selling pressure was fueled by Hong Kong’s closing of its airport to departures due to a tenth day of civil arrest in the country. Investors are becoming concerned that China is going to intervene to stop the violence.

AT 20:52 GMT, September E-mini NASDAQ-100 Index futures are trading at 7570.50, down 89.75 or -1.17%.

Selling was further driven by another steep drop in global bond yields. This was caused by forecasts from several major Wall Street calling for slower growth and a possible U.S. recession.

Daily September E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending higher since the formation of the closing price reversal bottom at 7224.50 on August 6. Momentum may be getting ready to shift back down with the formation of a secondary lower top at 7738.50.

The main trend changes to up on a trade through 8051.75. A move through 7224.50 will signal a resumption of the downtrend.

The short-term range is 7051.75 to 7224.50. Its retracement zone at 7638.25 to 7735.75 is resistance. This zone essentially stopped the rally on Friday at 7738.50.

The main range is 6969.00 to 7051.75. Its retracement zone at 7510.25 to 7382.50 is controlling the near-term direction of the index.

The minor range is 7224.50 to 7738.50. Its retracement zone at 7481.50 to 7420.75 is the next potential target. It falls inside the main retracement zone. This is a critical area.

Daily Swing Chart Technical Forecast

Watch the price action and read the order flow on a test of 7510.25 to 7382.50. Trader reaction to this area could set the tone for the rest of the week.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US