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James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are edging higher shortly after the cash market opening, but volume and volatility remain well-below average, hindering the market’s progress.

Uncertainty over earnings season is keeping many investors on the sidelines as well as worries over the direction of interest rates ahead of monetary policy meetings from the European Central Bank and U.S. Federal Reserve.

At 14:08 GMT, September E-mini NASDAQ-100 Index futures are trading 7950.50, up 7.75 or +0.10%.

Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum may be getting ready to shift to the downside following Tuesday’s potentially bearish closing price reversal top.

A trade through 8001.50 will negate the closing price reversal top and signal a resumption of the uptrend.

A trade through 7924.00 will confirm the closing price reversal top. This could trigger the start of a 2 to 3 day correction.

The short-term range is 7743.00 to 8001.50. Its retracement zone at 7872.25 to 7841.75 is the first downside target.

The intermediate range is 7446.25 to 8001.50. If the trend changes to down then look for a move into its retracement zone at 7723.75 to 7658.25.


Daily Technical Forecast

Based on the early price action and the current price at 7950.50, the direction of the September E-mini NASDAQ-100 Index futures contract the rest of the session is likely to be determined by trader reaction to a pair of uptrending Gann angles at 7961.00 and 7935.00

Bullish Scenario

A sustained move over 7961.00 will indicate the presence of buyers. If this generates enough upside momentum then look for traders to make a run at 8001.50. Taking out this level with conviction could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 7935.00 will signal the presence of sellers. Taking out 7924.00 will confirm the closing price reversal top. This could trigger a break into the short-term 50% level at 7972.25.

If 7972.25 fails to stop the selling then look for the move to extend into a series of potential support levels at 7841.75, 7839.00 and 7814.25.

The Gann angle at 7814.25 is the trigger point for an acceleration into the main bottom at 7743.00 and the intermediate 50% level at 7723.75.

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