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James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures opened sharply higher as expected. Speculators are driving the index higher in anticipation of a Fed rate cut on July 31. On Wednesday, the Fed didn’t explicitly say it would cut rates, but investors believe, based on the language of the monetary policy statement and remarks from Fed Chairman Jerome Powell that it will make the move.

At 13:48 GMT, September E-mini NASDAQ-100 Index futures are trading 7789.25, up 87.25 or +1.13%.

Daily Sept E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today. The next upside target is the April 25 main top at 7910.75.

The trend will change to down on a trade through 7446.25. This is not likely to occur today.

The main range is 7910.75 to 6969.00. Its retracement zone at 7551.00 to 7439.75 is the best support. This zone is controlling the near-term direction of the market. Holding above it will help support the upside bias.


Daily Technical Forecast

The index is currently trading inside a pair of steep uptrending Gann angles at 7801.00 and 7766.25. Trader reaction to these angles will determine the direction of the market the rest of the session.

Bullish Scenario

A sustained move over 7801.00 will indicate the buying is getting stronger. This could lead to a test of the downtrending Gann angle at 7832.75. This is the last potential resistance angle before the 7910.75 main top. It’s also the trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 7766.25 will signal the presence of sellers. This could lead to a test of the downtrending Gann angle at 7754.75.

The daily chart starts to open up to the downside under 7754.75. If the selling pressure increases, it could trigger a potential break into a short-term uptrending Gann angle at 7606.25.


The market has been following both angles higher since June 13. It’s possible that traders could continue to straddle these angles all session while moving higher. So if you’re buying or selling breakout off of these angles, make sure you have buying and selling volume to back you up.

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