E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 9, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading sharply higher on Monday and are within striking distance of the all-time high at 7358.50.

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, upside momentum has been building since the formation of the closing price reversal bottom on June 28 and the subsequent confirmation.

A trade through 7358.50 will change the main trend top up. A move through 6956.50 will signal a resumption of the downtrend.

The minor trend is up. This is helping to give momentum its upside bias.

The main range is 7358.50 to 6956.00. Its retracement zone at 7204.75 to 7157.25 is new support.

The major support is the retracement zone at 7107.00 to 7047.75.

Daily Technical Forecast

Based on the early trade and the current price at 7268.25, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the downtrending Gann angle at 7270.50.

A sustained move over 7270.50 will indicate the presence of buyers. This could generate the upside momentum needed to drive the index into a pair of downtrending Gann angles at 7314.50 and 7336.50. The latter is the last potential resistance angle before the 7358.50 main top.

A sustained move under 7270.50 will be a sign of developing weakness. If selling pressure increases then look for a potential break into the short-term Fibonacci level at 7204.75, followed by the support cluster at 7157.25 to 7148.00.