E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 29, 2019

September E-mini NASDAQ-100 index futures are trading lower on Monday shortly after the opening. Volume is light as investors position themselves ahead of the Federal Reserve’s monetary policy and interest rate decisions on Wednesday. The technology-based index is being dragged lower by a 1.3% drop in shares of Amazon, a 0.5% loss in Microsoft and a 1.3% decline in shares of Facebook.

At 13:57 GMT, September E-mini NASDAQ-100 Index futures are trading 7970.00, down 49.75 or -0.60%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 8051.75 will signal a resumption of the uptrend. The main trend will change to down on a trade through 7815.25.

The minor trend is also up. A trade through 7917.25 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 7743.00 to 8051.75. Its 50% level or pivot at 7897.25 is potential support.

The intermediate range is 7446.25 to 8051.75. If the main trend changes to down then its retracement zone at 7749.00 to 7677.50 will become the next downside target zone.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index futures contract on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 7967.00.

Bullish Scenario

A sustained move over 7967.00 will indicate the presence of buyers. If this move creates enough upside momentum then look for the buying to possibly extend into the contract high at 8051.75. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 7967.00 will signal the presence of sellers. This could lead to a quick test of the next uptrending Gann angle at 7942.25. This is a potential trigger point for an acceleration into the short-term pivot at 7897.25.

Buyers could come in on the first test of 7897.25, but if it fails then look for the selling to possibly extend into the main bottom at 7815.25.