E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – June 25, 2018 Forecast

Trade war concerns are pressuring the September E-mini NASDAQ-100 Index early Monday. Asian markets are trading mixed on reports that U.S. President Trump is planning major new restrictions against China.

At 0437 GMT, September E-mini NASDAQ-100 Index futures are trading 7192.25, down 30.50 or -0.42%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum shifted to the downside on with the formation of the closing price reversal top on June 21 and the subsequent confirmation the next session.

A trade through 7157.50 will change the main trend to down. A move through 7358.50 will negate the reversal top and signal a resumption of the uptrend.

The short-term range is 7157.50 to 7358.50. Its 50% level or pivot at 7258.00 is resistance.

The intermediate range is 7101.50 to 7358.50. The market is currently straddling its retracement zone at 7230.00 to 7199.75. This zone will likely determine the direction of the index today.

The main range is 6855.50 to 7358.50. Its retracement zone at 7107.00 to 7047.75 is the primary downside target. Buyers could come in on a test of this zone.

Daily 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 the intermediate Fibonacci level at 7199.75.

A sustained move under 7199.75 will indicate the presence of sellers. This could trigger an acceleration into the main bottom at 7157.50.

Taking out 7157.50 will change the main trend to down. It could also trigger another sharp break into the 50% level at 7107.00, followed by another main bottom at 7101.50. This is another trigger point for an acceleration into the Fib level at 7047.75, followed by another uptrending Gann angle at 7031.50.

A sustained move over 7199.75 will signal the return of buyers. However, any rally is likely to be labored because of potential resistance at 7207.50 and a price cluster at 7230.00 to 7230.50.

The rally could pick up steam on a move over 7230.50 and 7258.00.

If you don’t want to trade off the Fib level at 7199.75 then use the uptrending Gann angle at 7207.50 as your pivot. Trader reaction to this Gann angle will tell us if the buyers or sellers are in control.