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

September E-mini NASDAQ-100 Index futures are trading lower shortly after the cash market opening. The market has been under pressure since late Monday, following the release of a disappointing earnings report from Netflix.

Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

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

The minor trend is also up. A trade through 7204.50 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 7204.50 to 7414.25. The price action today is likely to be controlled by its 50% level or pivot at 7309.50.

The main range is 6956.00 to 7414.25. Its retracement zone at 7185.00 to 7131.00 is the primary downside target.


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 pivot at 7309.50.

A sustained move under 7309.50 will indicate increasing selling pressure. The daily chart is wide open under this level with the next targets coming in at 7204.50 and 7185.00.

A sustained move over 7309.50 will signal the presence of buyers. This could lead to a labored rally because of a series of Gann angles.

The first upside target is a resistance cluster at 7340.00 to 7350.25. The rally could pick up steam over 7350.25 with targets layered at 7382.25, 7398.25 and 7406.25. The latter is the last potential Gann angle resistance before the 7414.25 main top.

Watch the price action and read the order flow at 7309.50 all session. Trader reaction to this level will set the tone for the day.

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