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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.

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