E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – June 29, 2018 Forecast

September E-mini NASDAQ-100 Index futures are expected to open higher based on the pre-market trade. Increased appetite for risk and aggressive end-of-the-quarter buying is driving the price action.

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum shifted to the upside with the confirmation of yesterday’s closing price reversal bottom.

A trade through 6956.00 will negate the closing price reversal bottom and signal a resumption of the downtrend.

The main range is 6855.50 to 7358.50. The market is currently trading inside its retracement zone at 7107.00 to 7047.50. This zone is controlling the near-term direction of the market.

The short-term range is 7358.50 to 6956.00. If the rally continues then look for a test of its retracement zone at 7157.25 to 7204.75. Since the main trend is down, sellers may show up on a test of this area.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to 7107.00 and 7047.50.

A sustained move over 7107.00 will indicate the presence of buyers. This could trigger a surge into the 50% level at 7157.25, followed closely by the steep downtrending Gann angle at 7166.50. Look for sellers on the first test of these levels.

Overtaking 7166.50 could drive the index into 7204.75.

The inability to overcome 7157.25 will indicate the buying is weak. A sustained move under 7047.50 will signal the presence of sellers. This could trigger an acceleration to the downside.

Aggressive counter-trend buyers could come in on a test of the uptrending Gann angle at 7063.50. Crossing to the weak side of this angle, however, could lead to further downside action.

The best support angle is at 6959.50. This angle provided support on Thursday when the selling stopped at 6956.00. If it fails then look for a test of the next uptrending Gann angle at 6907.50. This is the last potential support angle before the 6855.50 main bottom.