E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 19, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading lower shortly before the cash market opening. The index followed through to the downside earlier today after yesterday’s closing price reversal top, confirming the chart pattern. This could fuel the start of a 2 to 3 day correction.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum shifted to the downside with the formation of the closing price reversal top and the subsequent confirmation.

A trade through 7437.75 will negate the chart pattern and signal a resumption of the uptrend. A move through 7292.50 will change the main trend to down.

The short-term range is 7292.50 to 7437.75. Its 50% level or pivot is 7365.00.

The minor range is 7204.50 to 7437.75. Its 50% level or pivot is 7309.25.

The main range is 6956.00 to 7437.75. If the two pivot fail as support and the main trend changes to down, we could see a break into the main retracement zone at 7196.75 to 7140.00.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini NASDAQ-100 Index futures contract is likely to be determined by trader reaction to the uptrending Gann angle at 7404.00.

A sustained move under 7404.00 will indicate the presence of sellers. This could lead to a test of the pivot at 7365.00 and the uptrending Gann angle at 7356.50.

The daily chart opens up to the downside under 7356.50. Taking out this angle could trigger an acceleration into the next pivot at 7309.25, followed by the main bottom at 7292.50.

The main trend changes to down on a move under 7292.50. Taking out this bottom could trigger an acceleration to the downside with 7204.50 to 7196.75 the next major target.

A sustained move over 7404.00 will signal the presence of buyers. This could lead to a retest of yesterday’s high at 7437.75. Taking out this level will negate the reversal top and signal a resumption of the uptrend.