E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – June 21, 2018 Forecast

September E-mini NASDAQ-100 Index futures are trading higher during the pre-market session on Thursday. Earlier in the session, the market rallied to 7358.50, but has since given back more than half of the early gains. This may be a sign that the selling is greater than the buying at current price levels.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. An intraday trade through 7358.50 will signal the return of buyers. A move through 7157.50 will change the main trend to down.

A trade through yesterday’s close at 7313.25 will put the index in a position to form a potentially bearish closing price reversal top.

The new short-term range is 7157.50 to 7358.50. Its 50% level or pivot is 7258.00. This is the first downside target.

The main range is 7101.50 to 7358.50. Its retracement zone at 7230.00 to 7199.50 is the next downside target.

The major range is 6855.50 to 7358.50. Its retracement zone at 7107.00 to 7047.50 is another potential downside target.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to yesterday’s close at 7313.25.

A sustained move over 7313.25 will indicate that buyers are coming in to defend the trend. If this creates enough upside momentum, buyers may try to make another run at 7358.50. This is a potential trigger point for an acceleration to the upside.

A sustained move under 7313.25 will signal the presence of sellers. This could drive the index into the first pivot at 7258.00. Since the main trend is up, buyers could show up on the first test of this level.

If 7258.00 fails as support then look for a further decline into 7230.00 to 7199.50. Once again buyers may come in on a test of this zone.

If 7199.50 fails then we’re likely to see the trend change on a move through 7157.50.

A close under 7313.25 will produce a closing price reversal top. This could lead to the start of a 2 to 3 day correction.