E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 10, 2018 Forecast

James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading higher shortly after the opening. The market is currently in a position to challenge the last main top at 7358.50.

Today is the seventh day up from the last main bottom. This puts the index in the window of time for a potentially bearish closing price reversal top. This chart pattern could trigger the start of a 2 to 3 day correction.

Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending higher since the formation of a closing price reversal bottom on June 28. A trade through 7358.50 will change the main trend to up. We may not see much of a follow-through rally if this occurs because of the prolonged move up in terms of price and time.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the downtrending angle at 7310.50.

A sustained move under 7310.50 will indicate the presence of sellers. This could trigger a sell-off into the next downtrending Gann angle at 7262.50. This is the trigger point for an acceleration to the downside since the next major target angle comes in at 7180.00.

A sustained move over 7310.50 will signal the presence of buyers. This could lead to a retest of the downtrending Gann angle at 7334.50. This angle provided resistance earlier today.

Overcoming 7334.50 will indicate the buying is getting stronger. This could drive the market into 7358.50.

In addition to the Gann angles, traders need to watch yesterday’s close at 7300.25. A sustained move under this level will signal the selling is greater than the buying at current price levels. This would put it in a position to post a potentially bearish closing price reversal top.

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