E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 26, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading slightly higher shortly before the cash market opening. Gains were capped on Tuesday as Alphabet – Google’s parent – was a drag on the market. We could see a rangebound market today since Facebook delivers its earnings after the close.

Technical Analysis

The main trend is up according to the minor swing chart. A trade through 5954.75 will signal a resumption of the uptrend. There is no upside objective.

A move through 5890.50 will change the minor trend to down. The next target bottom is 5820.25. This may be the trigger point for an acceleration to the downside.

The short-term range is 5820.25 to 5954.75. Its retracement zone at 5887.50 to 5871.50 is also a key support area.

Forecast

Based on the current price at 5940.50, the direction of the index is likely to be determined by trader reaction to the short-term uptrending angle at 5916.25.

Holding above 5916.25 will give the market an upside bias. This could generate the upside momentum needed to take out 5954.75.

Crossing to the weak side of the uptrending angle at 5620.25 will signal the presence of sellers. This could trigger a break into a series of levels at 5887.50, 5871.50 and 5868.25. The latter is the trigger point for an acceleration into the main bottom at 5820.25.