E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 13, 2018 Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 index today is likely to be determined by trader reaction to 7382.75. The index is running a little hot, averaging more than 32 points per day since the main bottom at 6956.00. It needs to correct into a Gann angle soon or the rally will burn out and the next break will be even more dramatic.
James Hyerczyk
Daily September E-mini NASDAQ-100 Index
Daily September E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading nearly flat shortly after the cash market opening. After surging to a new all-time high earlier in the session, the buying dried up and now traders may be toying with the idea of turning the market lower for the session.

Today is the tenth day up from the last main bottom so we’re still in the window of time for a daily closing price reversal top. This doesn’t mean the trend is getting ready to change to down, but it could lead to a 2 to 3 day correction.

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Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through the intraday high at 7414.25 will signal a resumption of the uptrend.

Moving below yesterday’s close at 7382.75 will be the first sign of weakness.

The current minor range is 7204.50 to 7414.25. Its 50% level or pivot at 7309.25 is a potential downside target.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 index today is likely to be determined by trader reaction to 7382.75.

A sustained move over 7382.75 will indicate the presence of buyers. This could lead to a retest of 7414.25 and a potential breakout to the upside.

A sustained move under 7382.75 will signal the presence of sellers. If this move generates enough downside momentum then look for a potential break into 7309.25. This is followed by the steep uptrending Gann angle at 7276.00. Look out to the downside if the Gann angle fails as support.

The index is running a little hot, averaging more than 32 points per day since the main bottom at 6956.00. It needs to correct into a Gann angle soon or the rally will burn out and the next break will be even more dramatic.

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