E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – June 25, 2019 Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 7742.75.
James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are drifting lower in the premarket session and are likely to open the cash market lower. There isn’t a lot of selling pressure, but almost no buying. Traders are genuinely nervous ahead of the meeting between US President Trump and Chinese President Xi Jinping at the G20 summit in Osaka, Japan this weekend.

At 09:48 GMT, September E-mini NASDAQ-100 Index futures are trading 7738.50, down 20.25 or -0.26%.

Daily Sept E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7821.00 will signal a resumption of the uptrend. The main trend changes to down on a trade through 7446.25.

The short-term range is 7446.25 to 7821.00. Its retracement zone at 7633.50 to 7589.50 is the next downside target. Since the main trend is up, buyers are likely to come in on a test of this zone.

The long-term range is 7910.75 to 6969.00. If the short-term zone fails as support then look for the selling to extend into its retracement zone at 7551.00 to 7439.75. This is also a potential support area.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 7742.75.

Bullish Scenario

A sustained move over 7742.75 will indicate the presence of buyers. If this move generates enough upside momentum then look for a potential rally into the high at 7821.00, followed closely by the downtrending Gann angle at 7826.75.

Taking out 7826.75 is likely to trigger an acceleration to the upside with 7910.75 the next likely target.

Bearish Scenario

A sustained move under 7742.75 will be a sign of weakness. Taking out the uptrending Gann angle at 7702.25 will indicate the selling is getting stronger. This could trigger a break into a series of levels at 7633.50, 7589.50, 7574.25 and 7551.00.

The heavy selling should begin to come in under 7551.00.

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