E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 25, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading slightly higher shortly before the cash market opening. The index is getting support from upside momentum being generated by strong pre-market gains in the Dow Jones Industrial Average and the S&P 500 Index. However, a drop in Alphabet – Google’s parent – are helping to limit gains. Later this week, traders will get the opportunity to react to the latest earnings from tech giant Facebook and Amazon.

Technically, the main trend is up according to the daily swing chart. The minor trend is also trending higher. Since the main trend swings are far and between, we’re going to take a look at the minor trend indicator today.

A trade through 5954.75 will signal a resumption of the uptrend.

A trade through 5890.50 will change the minor trend to down. The next target is the next minor bottom at 5820.25.

The short-term range is 5820.25 to 5954.75. Its retracement zone at 5897.50 to 5871.50 is the first downside target and potential support.

Volume continues to be below average and the market continues to be news driven. Earnings are the main market driver, but investors should pay attention to news regarding Trump’s involvement with Russia and any issues regarding his agenda such as health care reform.