E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 12, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market opening. It looks as if investors are already positioning themselves ahead of earnings week. The price action indicates investors aren’t too concerned about President Trump’s problems or what Fed Chair Janet Yellen has to say.

Technical Analysis

The main trend is down according to the daily swing chart. Buyers continue to claw through potential resistance levels, changing momentum to up.

A trade though 5776.00 could trigger a breakout to the upside if volume is behind the move. This could lead to a test of the main top at 5852.00. A trade through this level will change the main trend to up.

Forecast

Based on the current price at 5733.75 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the major 50% level at 5732.25.

A sustained move over 5732.25 will indicate the presence of buyers. This could trigger a quick move into the short-term Fib at 5740.50. This is the trigger point for a surge into 5774.75.

If buyers can over take 5774.75 then look for a possible acceleration into the main top at 5852.00.

The inability to overcome 5732.25 will signal the return of sellers. If the rally fails here then look for the index to stair step into 5706.00 and 5691.00.

If 5691.00 fails as support then look for a steep break into 5635.75 to 5630.75.