E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 11, 2017 Forecast

September E-mini NASDAQ-100 Index futures are expected to open the cash market lower based on the pre-market trade. There doesn’t seem to be a sense of urgency to move the market in either direction ahead of the Yellen testimony on Wednesday and Thursday and the start of earnings season on Friday.

Technical Analysis

The main trend is down according to the daily swing chart. The market is far from changing the main trend to up. The price action is being controlled by a number of retracement levels which is helping to produce a two-side trade.

Forecast

Based on the current price at 5682.00 and the earlier price action, the resistance today is 5691.00 and 5706.25.

A move through 5706.25 could trigger a surge to the upside, but standing in the way is a tight retracement zone at 5732.25 to 5740.50. The latter is the trigger point for an acceleration into the Fibonacci level at 5774.75.

A sustained move under 5691.00 could trigger an acceleration to the downside if there was selling volume behind the move. Otherwise, the market is likely to drift lower.

There is room to the downside if selling volume does increase with potential targets at 5635.75, 5630.75 and 5618.00.

Basically, look for an upside bias to develop on sustained move over 5706.25 and for a downside bias to develop on a sustained move under 5691.00.