FXEMPIRE
All

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 24, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. There is no identifiable resistance at current levels and if anyone tells you there is then they’re just making it up. I’ve always wondered how a market can have resistance at a new all-time high since it hasn’t been there before. The first sign of weakness today will be a pullback below the previous top at 7437.75. This will indicate that today’s earlier rally was fueled by buy stops rather than aggressive buying.
James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. There is no identifiable resistance at current levels and if anyone tells you there is then they’re just making it up. I’ve always wondered how a market can have resistance at a new all-time high since it hasn’t been there before.

Some aggressive counter-trend traders are going to try to sell projection levels. However, they’re likely to continue to feed the bull if the upside momentum remains strong. If you feel inclined to pick a top then the best way to do this is to let the index stop rallying then sell on the way down. Since you’ll be going against the trend, use tight trailing stops.

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when buyers took out the previous top at 7437.75.

The first sign of weakness today will be a pullback below the previous top at 7437.75. This will indicate that today’s earlier rally was fueled by buy stops rather than aggressive buying.

The next sign of weakness will be a break under yesterday’s close at 7430.50. This move will put the index in a position to post a potentially bearish closing price reversal top on the daily chart.

The third sign of selling pressure will be a move through 7311.50. This price action will change the main trend to down. The next target under this price is 7292.50. Taking out this bottom will indicate the selling is getting stronger. This could eventually lead to a test of about 7211.00 to 7151.00.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US