E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 27, 2017 Forecast

September E-mini NASDAQ-100 Index futures are expected to open higher based on the pre-market session. The futures contract hit an all-time high earlier in the session on the back of blowout results from Facebook.

The main and minor trends are up and upside momentum is strong. Investors are locked in on earnings and shrugging off economy data. Traders are only paying attention to the Fed to the extent that interest rates will remain low until at least the end of year. Cheap money is bullish for stocks.

The index is in a prolonged move up in terms of price and time so all investors have to worry about is a higher-high, lower-close chart pattern.

There is no resistance, only upside targets and don’t believe anyone who tells you there is resistance because there can’t be since we’ve never been this high before.

On the downside, the nearest uptrending support angle comes in at 5932.25. A failure to hold this angle will be the first sign of selling pressure. This could lead to a test of the minor bottom at 5890.50. A trade though this level will change the minor trend to down, setting up the index for a further decline into the next uptrending angle at 5876.25.

Like I said, there is no resistance, only targets. The nearest upside target today is a steep uptrending angle at 6072.25.

Where in a news market and as long as the earnings news is good, the market should remain strong. The rally will stop when the market stops being fed good news and investors start looking a buying value rather than strength.