E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – June 28, 2018 Forecast

September E-mini NASDAQ-100 Index futures are expected to open lower based on the pre-market trade. The session begins with the index down five days from the last main top so there is still plenty of time for more downside price action.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The index is far from turning the trend to up and needs a couple more days to enter the window of time to form a reversal bottom.

The next target is the main bottom at 6855.50. A trade through this level will reaffirm the downtrend.

The main range is 6563.25 to 7358.50. Its retracement zone at 6960.75 to 2867.00 is the primary downside target. The upper, or 50% level of this range at 6980.75 was tested earlier in the session and held as support.

The intermediate range is 6855.50 to 7358.50. Its retracement zone at 7047.75 to 7107.00 is resistance. Momentum could shift to the upside if buyers can overcome these levels.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the 50% level at 6960.75. This level held earlier in the session when the index declined to 6956.00.

A sustained move over 6956.00 will indicate the presence of buyers. If this move generates enough upside momentum then look for a test of 7047.75. Overtaking this level will mean the buying is getting stronger with 7107.00 the next likely upside target.

The index could begin to accelerate to the upside over 7107.00.

A sustained move under 6980.75 will indicate the selling is getting stronger. This could fuel an acceleration to the downside with targets coming in at 6867.00 and 6855.50.

Taking out 6855.50 could put the index in an extremely weak position. The daily chart indicates there is plenty of room to the downside with the next major target bottom coming in at 6563.25.

Basically, look for a strong upside bias to develop on a sustained move over 7047.75 and for the downside bias to continue on a sustained move under 6960.75.